Who is the team?
The team comes out of Stanford, UC Berkeley, Palantir, and Google; its backers include Founders Fund Angel, Stanford-StartX, and Blocktower Capital. The TrueUSD team has developed a legal framework for collateralized cryptocurrencies in collaboration with WilmerHale and White & Case, and has a network of fiduciary, compliance, and banking partners.
What is TrueUSD?
TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legally protected, and transparently verified by third-party attestations. TrueUSD uses multiple escrow accounts to reduce counterparty risk, and to provide token-holders with legal protections against misappropriation. TrueUSD is the first asset token built on the TrustToken platform.
What is TrustToken?
TrustToken is a platform to create asset-backed tokens that you can easily buy and sell around the world. For example, gold to gold tokens or dollar to dollar tokens.
Who can use TrueUSD?
We’ve designed the alpha version to address the immediate needs of crypto exchanges, crypto traders, and financial companies.
Crypto Traders and Exchanges: Cryptocurrency traders want a trustworthy stablecoin to hedge against volatility, and enter crypto markets without immediate exposure to BTC/ETH.
Mainstream Commerce: Everyday people and businesses can enjoy the benefits of digital currencies (faster transaction speed than ACH, global reach) without the volatility of Bitcoin. Now you can pay a salary, take out a loan, or buy coffee with a cryptocurrency, enabling a new economy of cryptocurrency financial applications.
Developing economies: Some developing markets are increasingly reliant on cryptocurrencies for trade.
Financial institutions: Financial companies that want to get into crypto, but have reasonable reservations against putting e.g. $100M into a new algorithmic stablecoin vs. $100M of “legally-enforceable certificates of ownership of the US dollar”.
In the alpha version of TrueUSD, redemptions will be restricted to a $10,000 minimum. Anyone can use TrueUSD once they are listed on exchanges. In the 1.0 release of TrueUSD, we will lower our redemption minimum to allow for lower volume redemptions. Why this sequence? We’re opening access gradually so that stability can be maintained from the beginning.true usd whitepaper