Part 1: Questions from the Polygon Team
1. Please tell us something about yourself, how did your crypto journey start?
Gladly. Hi all, this is Annabel here from TrueUSD. I am thrilled to be doing this AMA with you. I’m the Director of Marketing and Business Development for TrueUSD and have been with the team since 2020, and it’s been great to be a part of TrueUSD’s rapid growth journey. Actually I came from an advertising and investor relations background, but when an opportunity for me to join a blockchain company came up, i was pretty interested in how creative and energetic the crypto industry is. So that’s how I came to be a part of the TrueUSD team! It’s been exciting to see TUSD grow in DeFi, and am stoked over our partnership with Polygon!
2.the space is so much attractive and welcoming and full of opportunities, that one who comes stays! 😁
with that please tell us more about TrueUSD and its features, how is it different form its competitors if any?
TrueUSD (TUSD) is the first independently-verified digital asset redeemable 1-for-1 in US Dollars. The multichain stablecoin uses various banks, escrow accounts, and third-party attestations to reduce counterparty risk, provide transparency, and prevent fraud.
Each TUSD token is fully collateralized and attested live on-chain, now moving billions in monthly trade volume across over 100 global trading partners.
Liquidity is offered on numerous leading exchanges, DeFi protocols, and is supported by major OTC desks worldwide with reach to international customers in over 120 countries. TUSD also supports nearly instant minting and redemption speeds with financial partners including Signet by Signature Bank, the Silvergate Exchange Network (SEN) and PrimeX by PrimeTrust.
I believe these elements, trust and transparency, make TUSD stand out
With the change in our day to day operations, as we move towards the decentralised space stable coins will definitely play a key role in lot of fronts
And to have a stable coin with such features, it’s a great start
In the journey, so far what are the achievements in terms of partnerships, community and development?
Of course, you know we have done a lot in the last few months! It’s been exciting to see how TUSD has grown with multiple public chain integrations, being added to more DeFi platforms, and the steady but rapid market cap growth, all within a year.
· Multi-Chain Deployment
TUSD has been deployed on Ethereum, Avalanche, TRON, BSC, HECO and Fantom. Now we are also working on several new programs hand in hand with Polygon, so stay tuned for news on that!
For now，TUSD is accessible on over 30 DeFi platforms across multiple blockchains such as AAVE, Compound，Maker, Alpaca, JustLend etc. By participating in pioneering DeFi projects, TUSD holders can lend, mine, trade and borrow on top of benefit from high returns. Here is the daily report of TUSD on different DeFi protocols:
2021 is very special for TrueUSD, because its circulating marketcap underwent a period of rapid growth, reaching an ATH at $1.53B on July 15.
TUSD is also part of a comprehensive ecosystem which includes over 100 global trading partners, 20 top strategic investment institutions and many partner institutions covering lending and security. TUSD holders can buy and sell on platforms such as Binance, Huobi, Bittrex, etc. Putting this into numbers, TUSD grew by over $1 billion since May 2021, positioning itself in the leading stablecoins invested in.
· DeFi Partners
TUSD is also accessible on over 30 DeFi platforms across multiple blockchains such as AAVE, Compound，Maker, Alpaca, JustLend etc. By participating in pioneering DeFi projects, TUSD holders can lend, mine, trade and borrow on top of benefit from high returns.
4. What are the challenges you faced during this entire journey? Educating users, or other aspects of building the community.
Stablecoin is still in the way of fast-changing and evolving. Multiple new types of products gradually appear to create more use cases to make stablecoin more “independent.” For example, they no longer rely on U.S. dollars or other stable assets. The new trend is moving on to building a “self-consistent” ecosystem to maintain liquidity as well as stability. Algorithmic stablecoin projects like Ampleforth or Basis Cash are typical examples of this trend. They are seeking to emulate the dollar peg with a less than 1:1 ratio backing.
But algorithmic stablecoins are still in the experimental stage. In order for them to ensure long-term and sustainable development, a broad and long-term consensus is needed. So, there is still work to be done on this. So dollar-pegged stablecoins still can play their important roles during the transition period and keep the whales’ crypto assets safe in case unexpected conditions happen to make them lose assets.
5. Why did you choose Polygon?
Polygon has quite a few advantages over its parent chain Ethereum. One of these advantages is the faster transaction speeds that are also at a lower cost than on Ethereum, making it an attractive chain to use for decentralized finance applications. Another advantage is that you can stake Matic to earn rewards from securing the network. While staking on Ethereum is possible, the barrier for entry is much higher than with Polygon.
The biggest advantage of Polygon is that it has a lot of potential use-cases, and it is built to scale as user volume increases, which means that in theory it can be used for mass adoption. Projects have begun migrating to Polygon, signalling a shift in users towards the newcomer.
6. For any project, users are always having doubts about safety, so what is your stance on safety, how should a user be safe, and how secure is [YOUR PROJECT]?
TUSD has the following traits users can truly trust:
- TUSD is compliant with all relevant legislation.
TUSD stays compliant by means of KYC and AML, among others, and will even review users’ individual transactions to reduce risk.
- TUSD continues to improve its transparency with the launch of a real-time audit platform.
We have partnered with Armanino, one of the top 25 largest independent accounting firms in the US, since March 2019. Users can view the real-time data of TUSD at any time on the official website, which are submitted by Armanino independently and verified by a third party. The upgrade from monthly audit reports to minute-by-minute data updates has increased the transparency of TUSD.
- TrueUSD team has no access to funds in custody, nor will it be involved in the allocation of the funds.
Users who want to purchase TUSD from the official website must first send USD along with the receiving address to the trust company. After receiving the money, the trust company will send an execution command to the smart contract, which will then deposit TUSD directly to the user’s wallet. All funds will be supervised by the trust company. TUSD team has no access to funds in custody, nor will it be involved in the allocation of the funds, which fully ensures the security of users’ assets. Each TUSD represents a redeemable receipt of $1 in the custodial account, the beneficiary of which is the TUSD holder. Corresponding TUSD will be burned when USD is redeemed to ensure the 1:1 exchange rate between the TUSD in circulation and the USD in custodial accounts.
7. What are the recent developments in terms of the product? Are there any upcoming campaigns that you are focused on?
Last month, TrueUSD officially announced the launch of the Fountain Incentive Plan. This plan will be used as an incubator for projects with potential by introducing $1 billion worth of TrueUSD and other digital assets to DeFi ecosystems to further empower their growth. TrueUSD will provide full support to the ecosystems and DeFi projects of different public chains and stimulate the growth of quality projects through in-depth strategic cooperation. Next, we will focus more on projects in the Polygon ecosystem and cooperate to enhance the liquidity of Polygon.
8. What are your plans for the future, what should the community look out for? What can we expect from you guys in the future?
As we have expanded TUSD applications on DeFi projects mentioned above, our effort in this direction will continue. We are going to be focusing on the trending ecosystem including Polygon. Polygon is also an area we are currently exploring and expecting to see progress from in the near future. We will of course update our community on all social media as soon as we have news, so don’t forget to follow us !
Here is our Twitter : https://twitter.com/tusd_official
The goal of TUSD is to keep evolving, we do so by of course keeping ourselves updated on the popular ecosystems, emerging new platforms as well as the latest and most strategic partnerships available for our community to profit from ! We want to prove that on top of our high standards in transparency and high-quality customer service, TUSD holders can also benefit from the best options and rewards there are in the industry.
it was wonderful having you here with us, before we conclude, if you want to share anything with our community
Thanks so much for hosting me here! It was great. Please stay tuned for our latest updates at our Twitter, and any questions please feel free to ask in our Telegram: https://t.me/TUSDofficial_EN