TrustToken’s Latest Stablecoin Offering TrueCAD Launches, Backed by Canadian Dollars (CAD)
As per an all-new blog post released by TrustToken’s PR team earlier today, the firm has just released its latest stablecoin offering called ‘TrueCAD’. Additionally, for those of our readers who may not be aware, this latest altcoin release is part of TrustToken’s wide range of fiat-backed stablecoins — other products include TrueUSD, TrueGBP, TrueAUD).
Not only that, but it should also be pointed out that as the name seems to suggest, the value of TrueCAD is tied to the Canadian dollar. Not only that, all of the aforementioned coins are tied to their associated fiat assets at a price ratio of 1:1.
More On The Matter
As things stand, a spokesperson for TrustToken has said that his firm’s stablecoin offerings will soon be made available to the masses via a host of mainstream crypto exchanges within the coming 1-3 months. Additionally, it should also be pointed out that a few of TrustToken’s novel financial products are already available for purchase on exchange platforms such as Binance, Huobi, and OKEx.
What Is A Stablecoin?
In their core essence, stablecoins can be thought of as digital tokens whose values are pegged to either separate assets (like a mineral or certain precious metals) or to a stable national currency (such as the US Dollar, Euro, etc.). Moreover, owing to their unique operational frameworks, some stablecoins have the potential to take on a number of different forms — which allows them to not require the backing of any tangible assets.
In relation to their latest token release, a statement issued by TrustToken reads as follows:
“We wanted a simple stablecoin, without the need to trust some company's hidden bank account or special algorithm. […] Our open source smart contracts ensure a 1:1 parity between TrueCAD and CAD in the accounts.”
In closing out this piece, we need to mention that TrueCAD and TrueAUD are the two new stablecoins — whose values are pegged to their respective national currencies — that TrueToken plans on releasing this year.
Similarly, in other news, a legal team currently analyzing the ongoing Tether scandal has declared that the USDT stablecoin is not pegged to the US Dollar at a ratio of 1:1. To be a bit more specific, Zoe Phillips of law firm Morgan Lewis went on record to state that only
“three-quarters of Tether’s reserves are actually backed by USD”.