This week, TrueUSD, a stablecoin, marked one year since its launch. To mark this special day in style, the stablecoin made two significant moves that geared towards helping the user make the most out of the token.
Status Inquiry And TrueUSD Redemption
One of the moves was to seal a partnership with Armanino, a leading accounting firm in the United States. With this partnership, TrueUSD will allow its users to inquire about the status of TrueUSD including its bank deposits and total supply in real-time. Before the partnership, TrueUSD users had to wait for scheduled reports.
The Director of Risk Assurance at Armanino, Noah Buxton, noted that continuous auditing operations are “no longer a far-off future, but rather an imminent reality.” As per the partnership, Armanino will have access to TrueUSD’s blockchain interface plus bank accounts. This will enable TrueUSD users to view collateral assets held by TrustToken.
The second move was to allow TrueUSD users to redeem their tokens for fiat. However, this feature will only be available for verified users. With this feature, a redemption address is required. The address is configured that any TrueUSD tokens sent to it will be converted to fiat and deposited to the users’ bank account.
For example, a user on Bithumb, or any other cryptocurrency exchange, accumulates profits on all cryptos traded. But since the exchange does not support fiat withdrawals a longer route is followed to convert the digital wealth into fiat.
“If you’re a verified TrueUSD user… you simply place a withdrawal of TUSD to your redemption address and the cash will be in your account as soon as banks allow. This feature is currently not available with other stablecoins.”
To make this feature available for all, the minimum a user can redeem or purchase has been lowered from $1,000 to $1,000 worth of TUSD.
More than the redemption and partnership news, TrueUSD has another reason to celebrate their first birthday; hitting a trading volume of more than $200 million. The team behind TrueUSD is also keen on tokenizing real estate among other things.