Market Analysis
Crypto traders flocked to the safety of stablecoins during Tuesday’s market crash.
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TrueUSD News
TrueUSD (TUSD) is a cryptocurrency designed to provide a stable value within the volatile industry of blockchain-based money. True USD’s price is pegged to the price of the United States dollar in one-to-one ratio. The idea behind the linkage of TrueUSD price to the fiat currency is an attempt to provide the cryptocurrency market traders with a safe haven during the time of huge market fluctuations. The True USD coin was designed by a group of enthusiasts which previously worked with UC Berkeley and Google. The coin became a major success for the team. The TrueUSD market cap has been growing from the coin’s launch and is around 207,5 million dollars at the time of writing this article. The TUSD coin is currently available for traders of cryptocurrency exchanges all over the world.
- Newsletter
Despite the tumble in stablecoin activity, average transactions of stablecoins DAI and UST still exceed those of USDT and USDC.
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Tether, USD Coin, and Binance USD have posted triple-figure market cap growth this year.
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Following integration with major cryptos, Samsung Galaxy S10 now supports major stablecoins such as TUSD, MKR and USDC.
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TrustToken, the stablecoin operator behind usd-pegged token TUSD, announced a partnership with Binance.
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The CEO of Reserve thinks central banks will tokenize their currency, but businesses will choose other stablecoin services for their privacy.
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TrustToken will release four new stablecoins this year that are pegged to Australian dollars, euros, Canadian dollars, and Hong Kong dollars.
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An audit of TrueUSD funds showed that it has the full amount of U.S. dollar backing for its coins.
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Stablecoin TrueUSD has partnered with audit firm Armanino to allow traders to conduct instant audits of the coin’s backing.
4308 - Follow up
New Zealand-based digital assets exchange Cryptopia was allegedly hacked on Jan. 15.
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Major algorithmic stablecoin Basis, which raised $133 million in April, is shutting down and returning funds, say anonymous sources.
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Major crypto exchange Huobi announces the listing of four fiat-backed stablecoins just one day after a similar announcement by OKEx.
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Crypto payment platform BitPay has started accepting stablecoins GUSD and USDC.
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OKEx has announced new listings for four stablecoins: TrueUSD, USD Coin, Gemini Dollar, and Paxos Standard Token.
7308 - Follow up
New York approved two fully audited stablecoins from Gemini and Paxos, which experts say may largely impact the crypto market.
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