Last updated 12/06/2021
Official website: https://www.trusttoken.com/
TrueUSD is a stablecoin created by TrustToken which is pegged to the US Dollar. It is an ERC-20 token issued on the Ethereum (ETH) network that can be redeemed on a 1:1 basis for USD. The term ‘stablecoin’ applies to a cryptocurrency that is fixed to the price of a fiat currency such as EUR, GBP or USD. TrueUSD is a trusted stablecoin that is pegged to the US Dollar, and this is achieved by TrustToken maintaining the amount of TUSD in circulation to be the same as the amount of USD held in custodial accounts.
The value of TrueUSD (TUSD) is independently attested live on-chain by Armanino in TrustExplorer. Armanino publishes the Proof of Reserves in a real-time assurance dashboard which can be found here. This shows the amount of TUSD tokens in circulation compared to the amount of escrowed fiat held in custodial accounts. For TUSD to maintain its ‘stablecoin’ status, these figures must always be fully collateralised i.e. remain the same.
TrustExplorer is the world’s first application that provides independent accountant reports in real-time, and when the amount of minted TUSD is greater than the amount of USD in reserve, this would trigger a transaction failure. Transactions are only approved when the TUSD minted is less than or equal to the amount of USD in reserve.
TrustToken has also created different stablecoins that are pegged to different fiat currencies such as HKD, GBP, AUD and CAD. These stablecoins are also attested in real-time by Armanino and are conveniently named TrueHKD, TrueGBP, TrueAUD and TrueCAD.
The TrustToken team consists of a variety of highly skilled members and the leadership team is as follows:
The full TrustToken team can be found on their official website here.
TrueUSD was first introduced in mid-2018 as a fully collateralised stablecoin backed by the US Dollar. When it was launched, it was distributed via a TrustToken platform smart contract and since then, TrustToken has partnered with registered banks and fiduciaries that hold the assets backing TUSD.
In December 2019, TrueUSD became the first stablecoin to offer real time audits. Ever since, TUSD has maintained its stablecoin status and continues to be redeemable on a 1:1 basis for USD.
TrueUSD (TUSD) is held in a wallet like many other cryptocurrencies. TrueUSD is an ERC20 token and can be held in any Ethereum based wallet, if compatible. Some ERC-20 compatible wallets that can hold TUSD are listed below:
As TUSD is built on the Ethereum (ETH) network, coins can be stored in any wallet that support Ethereum-based transactions. Exodus is a popular desktop platform to store TUSD for its user-friendly features and multi-currency compatibility. The platform also presents a real time portfolio valuation and tracks the value of assets held.
Atomic wallet is also an alternative wallet app option with similar ease of use features as well as leading hardware wallet, Ledger.
You can Buy & Sell TrueUSD (TUSD) here at BC Bitcoin.
You can Buy TrueUSD by heading over to the Buy Coins page of our website. TUSD is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying TUSD has never been easier, simply place your order and provide your wallet address. Once your payment arrives TUSD will be sent directly to your wallet.
Block Explorer: https://etherscan.io/
Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards