TrustToken, a platform that generates asset-back tokens that can be efficiently and simply bought and sold around the world, has recently tweeted out the enormous growth of the token as well its listing on Binance, a cryptocurrency exchange, against Tether (USDT). In particular, the tweet made May 31, 2018 by Rafael Cosman goes as follows:
“TrueUSD has surpassed a $40MM market cap and demand is continuing to grow. The market cap is a reflection of the actual dollars in the escrow account that are backing the TUSD stablecoin. Great to see so much interest in the trading community!”
To confirm its listing on Binance, a tweet was sent out suggesting, “TrueUSD/Tether pair has been added to @binance. Now traders can trade directly into a #stablecoin that is backed by real dollars in a third-party escrow account. #stabletrue.”
— TrustToken (@TrustToken) May 31, 2018
At the time of writing, the circulating supply is about 41,314,987 TUSD, sitting at a value of roughly USD$0.99. The exchanges have been supposedly made over 240 addresses merely because of their presence on exchanges rather than through Ethereum (ETH) wallets. Similarly, the TUSD/USDT pairing has gone up by $5 million within 24 hours.
While the growth is substantial, Tethers has yet to see an appropriate turnover. Other surfing claims suggest that the fixed-price tokens are to ensure that moving funds between exchanges is simple and possible, while having some control over inconstancy concerns – which is a growing concern for crypto holders.
TrueUSD has reached $30MM in 24-hour trading volume. In a volatile market, make sure you are trading with a legally compliant stablecoin that is fully collateralized with US dollars. pic.twitter.com/h8nM6mrKSA
— TrustToken (@TrustToken) May 23, 2018
As for the project itself, many appear to be doubtful of how it will all play out in the future, mainly because of the presence of Tether. To offset any worries, the company went through an audit and has made the results made available as well:
“The latest attestation of TrueUSD funds verified by an independent auditing company is available here: https://t.co/BJzNpAIdU9”
Binance is not the only one to support TUSD tokens, as Bittrex has also been showing support in the form of encouraging inflows of cash. This alone can trigger a soaring TUSD supply.
For more information and updates related to TrustTokens, go to: https://twitter.com/TrustToken