What is TrueUSD?
TrueUSD, often abbreviated to TUSD, is a stablecoin pegged to the U.S. dollar that aims to maintain a 1:1 value ratio with the U.S. dollar. The digital currency is backed by real U.S. dollars that are held in escrow accounts, ensuring that for every TUSD token in circulation, there is an equivalent amount of U.S. dollars securely stored. This backing is verified through daily attestations by independent third-party institutions that audit the reserves to confirm their existence and adequacy, providing a layer of transparency and trust for users.
TUSD is the first stablecoin to implement real-time attestations on-chain, making its operations transparent and allowing users to verify the 1:1 backing of TUSD tokens with U.S. dollars in real time. These attestations are conducted by a professional independent accounting firm in the United States, further ensuring the reliability of the stablecoin.
The token operates on multiple blockchain networks, including Ethereum, TRON, Avalanche, BSC, Mirage, and Polygon, enhancing its accessibility and utility across different ecosystems. This multi-chain presence provides a wider scope for various transactions and applications, from exchange trading to facilitating transactions in decentralized finance (DeFi) platforms.
As of March 2023, there are approximately 2 billion TUSD tokens in circulation. The supply of TUSD is uncapped, meaning it can increase or decrease based on demand, with new tokens minted when users purchase TUSD with USD and destroyed when users redeem TUSD for USD.
In terms of security, TrueUSD leverages the inherent security measures of ERC-20 standard tokens on the Ethereum blockchain, while also taking additional measures such as real-time audits and integration of Chainlink's Proof of Reserve (PoR). This not only ensures the security of transactions, but also ensures the transparency and reliability of the token backing.
TUSD has gained recognition and use around the world, even gaining legal status as an authorized digital currency in the Commonwealth of Dominica. This milestone reflects its growing acceptance and potential for wider adoption in various financial transactions and applications.
How to Buy TUSD on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing TUSD. Some reputable platforms include HTX、Bybit、Bitget, and others.
Step 2: Register an Account
Here, we'll register an account on theBybit(registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing TUSD.
Step 5: Purchase TUSD
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of TUSD you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy TUSD.
Step 6: Store Your TUSD
After purchasing, you can choose to store your TUSD in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and TUSD assets, be sure to use a strong password and enable two-factor authentication.
TUSD Price:The price fluctuates daily, You can go to the exchange: Bybit to check the price.
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