TUSD x OKX AMA
AMA venue: OKX Telegram
Date and time: Jan 27th, 11:00 A.M. (UTC)
Introduction to TUSD
Let’s begin with an introduction to TUSD. TrueUSD is the first independently-verified stable coin 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 10 global trading partners.
Liquidity is offered on various 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 multiple financial partners.
In short, could you explain what makes TUSD one of the leading stablecoins today?
As previuously mentioned TUSD is the first and most transparent digital asset, fully backed from U.S. dollar.
We do focus on transparencey using third party attestations to reduce counterparty risk, prevent any type of fraud. At the moment we TUSD token is moving billions in monthly trade volume across more than 10 global trading partners.
TrueUSD supports nearly instant minting and redempetion speeds with many financial partners. Liquidity is provided on major exchanges, DeFi protocols and of course is supported by leading OTC desks around the globe reaching international customers in over 120 countries.
As security is key, can you tell us how TrueUSD manages to provide a transparent and safe service and product ?
TUSD stays compliant by means of KYC and AML among others, and reviews user’ transactions to reduce risk. Additionally to this, we are proud to partner with renowned financial partners such as First Digital Trust, Prime Trust, Silvergate Bank and Signature Bank. Last year, we partnered with Signature Bank’s blockchain-based payment platform Signet. This ensures that we offer the best instant settlement options for our community.
We are also long-term partners with Armanino, which provides 24h real-time audits to our users at any time. Those are submitted by our partner and verified by a third party, you can find them here: https://real-time-attest.trustexplorer.io/truecurrencies
And finally, all funds are supervised by our trust company. In order to acquire TUSD, a user must send USD to the receiving address of our trust company, there will then be an execution command to the smart contract, and TUSD will be deposited in the user’s wallet. This means that our team has no access to funds in custody, and is not involved in any fund allocation. This ensures a secure process and smoother transactions.
Now that we’ve learned about the way it all works, how can users get TrueUSD?
Users can visit our website www.trueusd.com and create an account by clicking the “Get TrueUSD” item. Our Customer Support team will be able to assist them with the authentication process and any questions they may have about minting and redemption of TUSD.
From there, they will be able to set up a wallet and trade, send and use TUSD on over 70 exchanges, 160+ markets and 20+ OTC desks across the globe.
We’ve had a look at your Wrap-up and it seems you kept yourselves busy in 2021! Can you name a few achievements?
We had a very busy year indeed! TrueUSD reached a circulating supply of over 1.5 billion in 2021 and made major breakthroughs in multichain development, partnerships with bank partners and DeFi ecosystem projects.
In 2021, TrueUSD entered into a partnership with Silvergate Bank,and leveraged the Silvergate Exchange Network (SEN) to deliver near-instant token minting and redemption services. TrueUSD also collaborated with Signature Bank to realize instant deposit and withdrawal by integrating its stablecoin TUSD into Signature Bank’s Signet.
Additionally, TrueUSD has established partnerships with more than 100 exchanges, and continued to expand cooperation with crypto exchanges, enabling TUSD deposits and withdrawals for a broader audience. This has offered users greater convenience and more options.
We’ve also held quite a few asset management activities throughout the year, and worked on OTC trading, which you can all read about in our Wrap-Up article: https://trueusd.medium.com/?p=b82824fd24e1.
DeFi seems to have been one of the main focus of 2021, can you explain the mindset behind this strategy?
That’s true. DeFi and multi-chain deployment are our keynotes in the past year. TrueUSD partnered with major public chains, including TRON, Avalanche, Fantom, and Polygon to introduce more transparency and stability to the world of public chains and their DeFi ecosystems while allowing TUSD holders to have more investment options that bring higher earnings.
As for the reason behind it, I’ll give you a hint by telling a short story. Before developing a stablecoin project, there is one question you need to ask yourself: where will people use it most often? This basically means that you need to figure out its use case. You can find the answer by doing research about competitors, markets or even design a specific scenario to direct your target users there. In short, you need to find the target that suits you. Well obviously we have found ours, that’s why we had so many DEFI integrations this year.
Are there any challenges you’ve met along the way?
Stablecoin is still in the way of fast-changing and evolving. Many 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 MIM or FRAX 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 and keep the whales’ crypto assets safe in case unexpected conditions happen to make them lose assets.
Can we use TUSD as a hedge against inflation? How?
To survive in a volatile market requires safe-haven assets, and stablecoins therefore become the best option. Grasping the market trend, TrueUSD held asset management activities with some of the exchanges to provide users with easy, flexible, and high-yield giveaway campaigns and additional rewards. These campaigns won huge attention from users upon rolling out and brought them generous rewards.
In addition, TUSD has been supported on major centralized lending platforms such as Celsius, Crypto.com, Dharma, and, most importantly, NEXO. As one of the world’s largest and most trusted decentralized cryptocurrency collateral-based lending platforms, NEXO offers TUSD depositors a stable savings APY of around 12%. Perhaps a 12% yield is not attractive enough to users who have experienced the DeFi mining boom, but NEXO is still a magnet for traditional investors who struggle with low or even negative interest rates. Besides, compared to traditional financial institutions, NEXO does not charge any fees no matter for withdrawals, transactions, token swaps, or circulating fund management, nor does it charge any commission or incur any hidden fees.
We are also building investment applications, one of the most common use cases of funds in the traditional world, in addition to the financial platforms mentioned above in order to meet our customers’ demand. For example, Invictus Capital, an innovative asset investment platform that accepts payments in TUSD, has rolled out a series of crypto-based products such as C10 and C20 cryptocurrency index funds, and it also offers investment options in innovative products including venture capital, gold, lending products in US dollars, and renewable energy, with no requirement on the minimum investment.
What should the community expect from TrueUSD in the future? Any big plans we can look forward to?
We have made some great announcements in the past year, we’ve pushed out our mascot, the lovely Truly, follow her interesting quotes on Twitter: https://twitter.com/Truly_TUSD.
In addion we have announced the launch of the $1 billion Fountain Incentive Program to turbocharge the growth of various DeFi ecosystems. So many achievements, but it does not mean we are going to stop there. Tusd team has still a lot of work to do. We have already been working on crafting a blueprint 2022 for TrueUSD, or the [roadmap], to make it sounds more “crypto”, on the first couple days of 2022.
The plan includes some potential mix with the most edge-cutting concepts in the space, just to name a few, DeFI 2.0, web3, or even the DAO. Surely most of the crypto natives have already been well aware of those, DAO this, DAO that, I myself have also heard about it over a thousand times, but as to how to make it more accessible, more valuable, I think there is still room for us to imagine, particularly when it comes to a stable-coin. You may ask what a stablecoin can do? And How? Give us some time, it’s worth-waiting.
What can you tell us about the TUSD staking event coming up in partnership with OKX?
On January 20, 2022 at 11:00 (HKT), OKx and TUSD launched their staking event. Users can stake TUSD and earn yield in just a few clicks!
Here are the two ways you can join the staking:
- For 15 days, there is a pool of 3,200,000 TUSD available, where users can stake up to 2000 TUSD and enjoy an amazing APY of 30%.
- For 30 days, there is a pool of 19,290,000 TUSD available, once again, users are able to stake up to 6,000 TUSD and enjoy an APY of 10%.
Do not miss the chance to participate, click the link here: https://www.ouyi.fit/earn