When Nauticus Exchange was surveying the
Due to market share, it’s not the most obvious choice, as Tether (USDT) has dominated
But the chorus of doubts over Tether’s reliability has become deafening in recent months, with many
In October, it crashed to 85 cents as speculation reached fever pitch. The US Department of Justice has also just announced an investigation into whether market manipulation by Tether and its parent exchange Bifinex was responsible for the massive Bitcoin price spike of late 2017.
It’s the latest in a long line of red flags against the currency which is yet to produce a genuinely independent audit.
It’s the first asset token built on the TrustToken platform, which aims to create asset-backed security tokens that can be bought and sold internationally.
To increase transparency, TrustToken doesn’t hold any US reserves themselves, instead they’ve partnered with banks and financial institutions which hold the required dollars in escrow. These funds are
To redeem TrueUSD, send the TUSD back to TrustToken, the smart contract burns the TrueUSD and sends USD back your bank account.
CRYPTO MARKET SHOWINGS SIGNS OF TETHER ABANDONMENT
The move towards Tether alternatives has gathered pace this year, with 23
The major competitors are True USD, Paxos Standard Token, Gemini Dollar and the USD Coin.
Big exchanges including Huobi,
There are encouraging early signs that users are moving to TrueUSD – and the
In the days
There’s still a long way to go before anyone threatens the dominance over Tether, but
Nauticus recently signed an agreement to engage in co-marketing with TrueUSD to help spur its adoption.