TrustToken's TrueUSD Stablecoin Wins Primary Spot at Digifinex Crypto Exchange over USDT

Since the dawn of the age of cryptocurrency, volatility has been a major problem. Aside from causing a host of issues internal to the community, volatile cryptocurrency prices serve as a barrier to new investors who might be interested in contributing both money and innovation to the crypto space. The community needs the involvement of both retail and institutional investors if it is to eventually see mass adoption, but institutional and retail money alike is fearful of a lack of relative stability in investment.

To try to respond to this issue, several startups were created to try to come forward with a viable and usable “stablecoin.”

Stablecoins are just cryptocurrency coins that, for one reason or another, never really gain or lose substantive value. This means that the crypto is not a good one for investing, but can be great for both gauging the success of other investments and as can be used as a tool to facilitate trades and hold funds not yet being converted to fiat money.

So far, the most recognizable stablecoin by far is USDT, or Tether. Like the names might suggest, the price of USDT is tethered to the price of the United States Dollar. This means that the coin is as stable as USD, which, especially when compared to the crazy world of crypto, is an incredibly stable currency. For the past year, the dollar-tethered stablecoin has been the most commonly used stablecoin in top exchanges—by far.

TrueUSD Enters the Fray

But now, another potential stablecoin has arisen to challenge the dominance of Tether. TrustToken is a blockchain startup that continues to create buzz within the crypto space. The company has been working to create its own cryptocurrency ecosystem built on a unique blockchain dynamic. But their latest claim to fame has been the TrueUSD token, yet another token planning to peg itself to the United States Dollar.

The popularity of TrueUSD as it enters the market is due in no small part to the controversy surrounding Tether. Some competitors and independent researchers have accused that the company is “printing money,” and that their system for pegging their currency to the value of the United States Dollar is bound to eventually collapse.

Digifinex Adopts TrueUSD

In part because of the controversy surrounding the leading stablecoin, one of the top twenty cryptocurrency exchanges in the world announced today that they would be adopting TrueUSD in place of Tether as their official stablecoin for cryptocurrency trade pairings. The decision, according to the co-owner Kiana Shek, is partially based in their dissatisfaction with the future of Tether. Her research led her to the conclusion that she “simply doesn’t believe in Tether.”

It is worth noting that, for quite some time, exchanges looking to integrate the important stablecoin had no choice but to use Tether, as it presented itself as the only viable one on the market. But a host of new coins are set to be released this year, and companies no longer have to choose to either forgo the stablecoin craze or submit to the rule of a problematic Tether.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,468FansLike
2,795FollowersFollow
4,235FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

YFI’s Andre Cronje isn’t Going Anywhere; ‘This Space Won't Get Rid of Me'

Andre Cronje, the guy behind yEarn and the popular YFI, is not leaving the cryptocurrency space any time soon, at least, “until there is...

Crypto Mom, Hester Peirce, Secures Second Term as SEC Commissioner Through 2025

The US Securities and Exchange (SEC) Commissioner Hester Peirce, aka “Crypto Mom,” has been confirmed for a second term that will last till June...

yEarn Expanding its Ecosystem to Bring in Hot DeFi Tokens into the Mix

DeFi craze continues to get hotter as the system grows. yEarn’s zero supply valueless token YFI climbed to a new high today at $5,300 and...

Bitcoin Dollar Cost Averaging From 2017 Market Peak Still Returned 61.8%

Bitcoin price remains strong, not far from hitting $12,000 yet again after the touch and go over the weekend. Interestingly, despite the fact that the...

DEX Leader Raises $11 Million in Series A Funding for Uniswap V3 Following an Explosive Month

A popular and widely used decentralized exchange (DEX) Uniswap has raised $11 million in Series A funding led by Andreessen Horowitz with additional investment...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today