TrueUSD (TUSD) is a platform for marking currency calls and real assets. Dollars that provide legal protection to token holders and use one TrueUSD token for every dollar. TrueUSD provides a reliable transaction tool that enables consumers and businesses to use currency exchange as a medium.
Trueusd (TUSD) is a "stable currency" similar to the current USDT. TrustToken, a startup backed by Stanford Venture Fund, launched Trueusd, a cryptocurrency that combines transparency and mystery, which is the first stable dollar currency with high trust in the market. By working with banks and trusts, the company guarantees that their tokens will maintain the stability of the currency.
Unlike Tether, which controversially insists on bank account audits, TrueUSD offers regular audits, provides strong legal protections for holders, maintains compliance by adding KYC (customer background checks) and Anti-Money Laundering reviews (AML), and even reduces risk by reviewing a user's individual transactions, But such reviews and audits can also add additional costs while ensuring transparency.
In the TrueUSD system, dollars are held in the bank accounts of multiple trust companies that have signed escrow agreements, rather than in bank accounts controlled by one company. The contents of said bank accounts are published daily and audited monthly.
If someone wants to obtain TrueUSD through an online application, they need to pass KYC/AML. When the check is complete, they can send dollars to one of TrueUSD's trust company partners. Once the funds are verified by the trust, their API will instruct the TrueUSD Smart contract to issue tokens at a ratio of 1 to 1 and send them to the Ethereum address associated with the current account.
Once in the wallet, tokens can be transferred to friends or used as payments, combining the benefits of fiat currency (stability and trust) with cryptocurrencies (reduced fees and transmission times). Users can also exchange TUSD tokens for actual dollars by sending them back to the smart contract address, which notifies the trust company and initiates a bank transfer to the user's account.