This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is True USD?

TrueUSD (TUSD) is a stablecoin pegged 1:1 to the US dollar, issued by TrustToken on the Ethereum blockchain. It is backed by a reserve of US dollars held in escrow, ensuring its value remains stable. TUSD can be used for transactions, as a store of value, and traded on various exchanges. Its decentralized nature and regular audits provide transparency and security.

How is True USD used?

TrueUSD (TUSD) is a stablecoin pegged to the value of the US dollar, ensuring a 1:1 ratio between the circulating TUSD and the fiat USD held in reserves. Here's how it is used:

Minting TUSD
  1. Create an Account: Users create an account on the TrueUSD platform and complete the required Know Your Customer (KYC) verification.
  2. Initiate a Wire Transfer: Users initiate a wire transfer of USD to the TrueUSD bank account, which is held in escrow by a trusted third-party service.
  3. Mint TUSD: Once the USD wire transfer is confirmed, an equivalent amount of TUSD is minted and sent to the user's cryptocurrency wallet.
Redeeming TUSD
  1. Access Your Account: Users log into their TrueUSD account.
  2. Send TUSD to Redemption Address: Users transfer their TUSD to a unique redemption wallet address provided by TrueUSD.
  3. Receive USD: After TrueUSD verifies the TUSD tokens, the equivalent amount of USD (minus any applicable fees) is wired to the user's bank account.
Usage and Benefits
  • Stable Value: TUSD maintains a stable value, making it suitable for everyday transactions and preserving value.
  • Multi-Chain Compatibility: TUSD operates on multiple blockchain networks, including Ethereum, BSC, Avalanche, and TRON, enhancing its utility and accessibility.
  • No Fees: TrueUSD does not charge fees for minting or redeeming transactions, generating revenue through interest on held fiat USD.
  • Arbitrage Opportunities: The stablecoin's pegged value creates arbitrage opportunities, contributing to its tight peg maintenance.
  • Partnerships and Adoption: TUSD is integrated with various platforms, such as Binance, IvendPay, and Travala, facilitating its use in retail purchases, travel bookings, and other everyday transactions.

Overall, TrueUSD provides a reliable and transparent stablecoin solution, ensuring a stable value and facilitating seamless transactions across multiple blockchain networks.

How do I store True USD?

To store TrueUSD (TUSD) tokens, you can use a variety of wallets that support ERC-20 tokens. Here are some options:

  1. Wigwam Crypto Wallet: You can buy and hold TUSD with the Wigwam crypto wallet, which allows you to store, trade, stake your tokens, interact with dApps, and discover the exciting Web3 ecosystem.

  2. HolyTransaction Wallet: You can instantly purchase TrueUSD through your own HolyTransaction wallet and send them to any HolyTransaction user for free.

  3. Zengo Wallet: Zengo is a non-custodial wallet that gives you quick and convenient access to crypto. You can trade, buy, and store TrueUSD (TUSD) tokens with Zengo. To set up your TrueUSD wallet, follow these simple steps:

  • Create a Zengo account.
  • Your personal TrueUSD wallet address is generated automatically.
  • View your wallet address by tapping TrueUSD on your home screen and swiping right.
  • Share your wallet address with the sender to receive TrueUSD.
  1. SwapSpace: SwapSpace allows you to exchange TrueUSD and provides multiple exchange options so that you can choose the offer with the best rates and lowest fees.

  2. Other Wallets: TrueUSD can also be stored in other wallets that support ERC-20 tokens, such as MyEtherWallet, MetaMask, Ledger, Trezor, Exodus, Trust Wallet, Atomic Wallet, and imToken.

Remember to choose a safe and reliable wallet to ensure the security of your TUSD tokens.

How to buy True USD?

To buy TrueUSD (TUSD) tokens, follow these steps:

  1. Create an Account:

    • Open a free account on Binance, a centralized exchange that supports multiple cryptocurrencies, including TrueUSD.
  2. Verify Your Identity:

    • Complete the verification process by providing the required identification documents to ensure compliance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations.
  3. Choose a Payment Method:

  • Select how you want to buy TrueUSD. You can use a credit card, debit card, or bank deposit transfer. Binance supports both Visa and MasterCard.
  1. Navigate to the Buy Page:

    • Go to the "Buy Crypto" section on the Binance website or app and select TrueUSD and USD from the dropdown menu.
  2. Confirm the Order:

    • Review the payment details and fees. You have one minute to confirm your order at the current price. After one minute, the order will be recalculated based on the current market price.
  3. Store or Use Your TrueUSD:

  • Once you have purchased TrueUSD, you can store it in your Binance account or transfer it to a personal crypto wallet like Zengo.

Remember to carefully consider your investment experience, financial situation, and risk tolerance before making any investment decisions. Cryptocurrency prices are subject to high market risk and price volatility.

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How True USD works

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