TUSD (TRC-20) Becomes Legal Tender in Dominica
We are honoured to announce that TUSD (TRC20), a USD-pegged stablecoin that is highly transparent, fully collateralized, and attested live on-chain, is granted statutory status as an authorized digital currency and medium of exchange in the Commonwealth of Dominica.
According to Dominica’s recently passed Crypto Ordinance, seven TRON-based tokens, including TUSD and TRX, have been recognized as the country’s authorized digital currencies that can be used in all domestic economic activities such as tax payments. Meanwhile, the exchange rate between these cryptocurrencies and the Eastern Caribbean dollar (XCD), the fiat currency currently used in Dominica, will be freely determined by the market. The Ordinance came into effect on October 7, 2022.
As an island country in the Caribbeans, Dominica boasts tourist attractions and immense development potential. The Prime Minister of Dominica Dr. Roosevelt Skerrit holds a high regard for the blockchain industry, believing that the collaboration with TRON would enable Small Island Developing States such as Dominica to be better equipped to integrate into the global economy in the future. Indeed, Caribbean nations and other markets in Central and South America are actively embracing blockchain and crypto. For example, El Salvador has granted Bitcoin legal status, making BTC the first cryptocurrency authorized as legal tender by a sovereign state.
Following BTC, TUSD has joined the other six TRON-based tokens to become the second batch of cryptocurrencies that have gained that statutory status as a legal tender. We can already see a trend of the Caribbeans, home to 25 sovereign nations and 14 regions, transitioning itself into an integral part of the global blockchain network, actively exploring blockchain technologies in light of new challenges of integrating into the global digital economy.
TRON founder @justinsuntron also shared some insights on this. He spoke with @CoinDesk TV about TRON becoming the official blockchain for the Commonwealth of Dominica and commented that: “The partnership will boost blockchain usage globally.”
Launched in April 2021, TrueUSD (TUSD) is the second USD-backed stablecoin natively deployed on TRON, following USDT. TRC20-TUSD has made crypto investment more affordable and accessible for users by offering a much-lowered gas fee and a smoother trading experience. As of now, the total supply of TUSD on TRON has reached 324,816,494 with 308,086 wallet addresses with TUSD holdings. Moreover, TRC20-TUSD deposits and withdrawals have been supported by many mainstream centralized exchanges, including Binance, Poloniex, KuCoin, and Gate.io, showcasing the value recognition of TUSD from TRON users as well as the crypto community at large.
As one of the most important components of the decentralized finance infrastructure, stablecoins are a source of trust and stability in a potentially volatile market. Security has always been users’ top concern, and that is where TUSD’s core value lies. TUSD aims to become an exemplar in terms of transparency, security, and applications, providing more financial opportunities for the world while bringing in more market-oriented options for users in the TRON and other public chain ecosystems.
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