TrueUSD
Crypto Overview
Overview
TrueUSD (TUSD) is a USD-pegged stablecoin that was launched in 2018. It operates on multiple blockchain networks including Ethereum, Tron, and BNB Chain. TUSD is designed to maintain a 1:1 peg with the US Dollar through full collateralization with US Dollars held in regulated banks and financial institutions.
Intended Utility
The primary purpose of TUSD is to serve as a stable medium of exchange and store of value in the cryptocurrency ecosystem. It aims to bridge the gap between traditional finance and digital assets by offering a stable cryptocurrency that is fully backed by USD reserves.
Actual Utility
TUSD is actively used for: Trading pairs on cryptocurrency exchanges, Facilitating cross-border transactions, Store of value, and DeFi applications. As of 2024, TUSD has achieved significant adoption with a market cap exceeding $2 billion and is listed on major exchanges worldwide.
Business Model & Operations
TrueUSD operates through a transparent model where each TUSD token is backed 1:1 by USD held in regulated financial institutions. The platform undergoes regular attestations by third-party firms to verify its reserves. Users can mint new TUSD by depositing USD or redeem TUSD for USD through verified partners.
Token Distribution
TUSD's token supply is dynamic and based entirely on user demand and USD deposits. There is no fixed supply, and tokens are minted or burned based on deposits and redemptions. The project team does not hold any special allocation of tokens.
Development & Transparency
The platform maintains high transparency standards with real-time attestations and regular audits. The development team actively maintains and upgrades the protocol's infrastructure across multiple blockchains.
Crypto Impact
To assign a comfort level investing in TrueUSD from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to TrueUSD.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.