TrueUSD (TUSD) Stablecoin to Go Live on Tron Network Tomorrow
USD-backed ERC20 stablecoin TrueUSD (TUSD) would launch on Tron's TRC20 blockchain in two days. This was made known by Tron's CEO, Justin Sun, via Twitter.
TrueUSD Finally Coming to Tron
TrueUSD's decision to launch on the Tron network comes barely a month after the stablecoin launched on the Avalanche (AVAX) blockchain, an open-source platform specializing in hosting decentralized finance (DeFi) applications. It currently runs on Avalanche, Binance Smart Chain, and Ethereum.
Created in 2018, TrueUSD is one of the five largest fiat-backed stablecoins by market capitalization. It is one of several stablecoins developed by TrustToken.
TrustToken also offers stablecoins backed by pound sterling, the Hong Kong dollar, the Canadian dollar, and the Australian dollar.
Tron's TRC20 standard is a technical protocol for smart contracts on the Tron blockchain for implementing tokens with the Tron Virtual Machine (TVM).
The Tron Foundation, the Singapore-based non-profit organization that runs the network, had previously said that the TRC20-based USDT would enable interoperability with TRON-based protocols and decentralized applications (dApps) while allowing users to transact and exchange fiat pegged currencies across the Tron Network. TRX 0.58% TRON / USD TRXUSD $ 0.06
$0.000.58% Volume 817.37 m Change $0.00 Open $0.06 Circulating 71.66 b Market Cap 4.61 b 1 w Tether in 'Open Dialogue' with DOJ, says Company on Report of its Executives Being Under Probe for Bank Fraud 3 w Cardano Beats Bitcoin and Ethereum as the Most HODL'd Crypto Asset on eToro in Q2 2021 1 mon After Compound Finance, Now Coinbase is Offering Users 4% APY on USDC
TUSD Joins USDt On Tron Blockchain
TrueUSD (TUSD) will be the second dollar-powered stablecoin to run on TRC20 following USDt's integration.
The stablecoin has enjoyed market dominance since its entrance into the market in 2014. Even though alternative stablecoins [like USDC, DAI, BUSD, PAX, & GUSD] have followed since then, it has retained its position as the number one stablecoin due to its first-mover advantage.
Tether was created in response to the growing need among traders to quickly allow movement of funds between different exchanges while benefiting from the USD's stability. Despite its successes, Tether has had its fair share of criticisms. And it all boils down to its reserves—and whether or not it has enough cash reserves to meet its obligations when needed.
However, in a recent assurance report by accounting network Moore Cayman, Tether proved that it was fully backed by cash reserves, which is sufficient for redeeming all of the circulating USDt.