TRON Affiliated Consortium Buys Out TUSD Stablecoin
The Asia-based consortium will be working with TRON to develop the TUSD platform on Ethereum, TRON, and other blockchains.
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TrueUSD has a market cap of $274 million, and it’s price is pinned to the Dollar. The total amount of USD locked in TUSD has doubled in the last 6 months.
This is likely the same Asia-based consortium that has bought out other companies such as BitTorrent, Steemit, Poloniex, and others. This consortium functions as an venture capital fund and incubator for TRON-based products, similar to Consensys.
TUSD is fundamentally different than Tether because instead of the dollars being held in a company bank account which the company has full control over, they are held in escrow accounts which require multiple third parties to access.
Bringing TUSD to TRON will increase the amount of stablecoins on TRON and help stablecoin holders diversify their holdings to minimize points of failure. The TRON development team is one of the biggest and the best so having their assistance will be very good for TUSD and developer TrustToken.
“While TUSD’s capabilities are changing, the product you know and trust is not: the TrustToken team will continue to manage the operations, compliance, and banking relations of the TUSD product — now with added customer success, marketing budget, engineering resources, and liquidity support.” TrueUSD said in a press release.
TUSD reportedly has live, independent attestations and on-chain reporting to ensure that it’s always backed 1:1 by USD. One of the main criticisms of competitor Tether is that they do not have frequent or independently verifiable audits.
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