BitMart Exchange, a premier global digital asset trading platform, recently announced the listing of TrueUSD [TUSD]. By listing a decentralized stablecoin, BitMart aims to offer users a more transparent financial service to reduce the investment risk.
TrueUSD [TUSD] is an ERC20 token which is backed up 1-to-1 with US dollars issued by TrustToken. However, TrustToken does not actually hold any USD reserved themselves. Instead, they have partnered with legally registered banks and fiduciary institutions which hold the dollars in escrow. When users completed the KYC/AML process and wire funds to the third party escrow accounts, an equivalent amount of TUSD is freshly minted to their Ethereum address. This approach reduces the counter-party risk that is common in other collateralized stablecoin projects.
Prior to TrueUSD, BitMart has listed Gemini Dollar [GUSD] and USD Coin [USDC] on their platform.
Sheldon Xia, Founder & CEO of BitMart said,
“TrueUSD is a more decentralized stablecoin compared to other competitors in the market. Although there is still counterparty risks, it would be very difficult for it to happen since it needs the collaboration of several parties to break this system.”
Moreover, to ensure best security practices, the escrow account holdings are published regularly and will undergo independent third-party evaluations by leading auditors such as Cohen & Co.
So far, TUSD has been listed on an array of global leading exchanges. As Tether has been losing its grip in the market ever since it lost its peg against the USD, BitMart is confident that the TrueUSD has the key success indicator due to its decentralized and secure nature.
BitMart Exchange is a premier global digital asset trading platform in the cryptocurrency market with over 520,000 users worldwide and ranked among the top 10 crypto exchanges on CoinMarketCap. BitMart currently offers 132 trading pairs with one of the lowest trading fees in the market.
BitMart also announced a special Thanksgiving treat, new users can enjoy 50 BMX for sign-up by using Invitation code: Thanksgiving [invitation link].
To learn more about BitMart, visit their Website, Twitter or join their Telegram.