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TrueUSD, a legally backed stable coin, launches on Bittrex

CoinAnnouncer PR

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Over the last year, cryptocurrencies have gripped the headlines as a radically new type of investment asset. Bitcoin hit the $20,000 a token mark on December 17, making it clear the technology has begun to enter mainstream consciousness.

However, the trading markets have been plagued by unstable prices. With value of these coins governed solely by supply and demand, it doesn’t seem as though there will be a Bitcoin stability solution any time soon.

This need has driven demand for a new type of cryptocurrencies, called “stablecoins.” These coins aim to build on top of blockchains while also providing stable value to the currency. The most popular option for new stablecoins is collateralization of coins with real world currencies and assets.

While stablecoins are still relatively rare, Tether, a USD backed crypto token, gained considerable attention this past year as it quickly reached a market capitalization of over $2.2 billion. However, Tether has not published audits and was recently subpoenaed by the SEC.

A new startup, TrustToken, has developed their own version of a USD backed stablecoin called “TrueUSD” that is poised to fill the role of a USD-backed stablecoin. Yesterday, TrueUSD launched on Bittrex, currently the largest cryptocurrency exchange in the United States.

What sets TrueUSD apart is that it offers 100% collateralization in USD for every token, legal protection for token holders, and a regular and transparent audit, giving crypto holders more information and allowing for increased trust in their assets compared to similar coins. TrueUSD tokens are unique in that they are 100% collateralized by real US dollars.

TrueUSD has developed a large and growing network of banking and fiduciary partners committed to the project, eliminating the supply side problems that have plagued past stablecoins. With such a network, the TrueUSD tokens are able to keep dollar supply up with the ever growing demand for a stable cryptocurrency.

In order to protect token holders, TrustToken has developed a proprietary legal structure to enable TrueUSD. In collaboration with law firms Cooley and WilmerHale, the startup has created a legal system based on trust structures which is able to provide owners of the token with actionable legal protections on their assets.

Buyers of TrueUSD tokens can thus be sure that their assets are not only price-stable but also safe, since TrueUSD has regular attestations of the value of the funds behind its collateral.

TrueCoin hopes to foster trust in their token through collateralization, legal protection, and transparent finances in order to create a cryptocurrency that is stable and secure. With a stable crypto asset, the startup hopes that cryptocurrencies will finally be able to bring the advantages of blockchain transactions beyond the world of technology investors and enable everyday people to use cryptocurrencies for transactions.

While the cryptocurrency market continues to grow, all that is really certain is that it will get larger. TrustToken’s TrueUSD offering is something unique in the crypto world, however, with multiple layers of protection that shield users from the stability and safety problems currently faced by other crypto assets. TrueUSD’s security measures make it one of the coins with immense potential, and definitely a coin to look out for as they launch on a major exchange, making the technology easily available to people around the world.

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