Bitcoin, Crypto currency, Blockchain

Tether competitor TrueUSD is gaining popularity & 20 million round of financing

26c209ea768d812cbbb98063dd5143d6 - Tether competitor TrueUSD is gaining popularity & 20 million round of financing

Tether (USDT) is one of the most controversial and most influential crypto-currencies of the market. At the latest since the publication of a study last week that Tether has manipulated the Bitcoin price, is Tether again in discussion. In view of this, it is not surprising that the largest Stablecoin competitor, TrueUSD, continues to gain in popularity.

As the trust token, the company behind TrueUSD (TUSD) today announced that is has increased the amount of issued tokens from around 4 million to over 62 million tokens within a few months, with the highest trading volume of the USD / USDT-pairing comes from.

Both Tether as well as TrueUSD are pegged to the US Dollar, so that the Token represents a value of a US Dollar. As we already reported, the cryptocurrency exchange Bittrex the “Stablecoin” TrueUSD already at the beginning of April. In mid-may, the largest crypto-currency stock exchange followed by trading volume, Binance and introduced TrueUSD on its platform.

Stable coins are useful because they protect the Trader from market fluctuations and as a “place of refuge”. As we discussed already several times in the past, is accusing the company behind the Tether, but again and again to have by means of USDT market fluctuations and manipulations. It has Further proven to this day, that the same amount of circulating Tether by a corresponding counter value is protected in a Bank account in US dollars.

TrueUSD should be in contrast to Tether 100% transparent and trustworthy. According to the trust token is when a user of the Fiat uses money, it is in a trust account secured. In addition, it should be possible for Fiat to withdraw money at any time again.

One reason for the growing popularity of TrueUSD also the mistrust of some investors towards Tether and the serious Occurrence of TrueUSD, therefore, is certainly. In particular, the fact that the greatest volume of trading of the USD / USDT-pairing comes from, shows this clearly. Another driving factor for the increase in the TrueUSD Token will certainly be the listing of TrueUSD in Binance.

In comparison to the Tether, the circulation amount of TrueUSD, however, is still very low. Currently, about 2.6 billion USDT are in circulation. The trading volume of USDT in the last 24 hours (according to Coinmarketcap) around 2 billion US dollars, which means #2 behind Bitcoin. The volume of TrueUSD amounted to only 14.8 million US dollars (ranked #56).

With a total market trade volume of around 11 billion US dollars, the influence of the Tether is unmistakably high. In this respect, Tether, despite all the criticism, continues to be a driving factor of the market and the undisputed Stablecoin no. 1. TrueUSD could adhere to in the long term, but a serious competitor to grow.

TrueUSD and trust token received USD 20 million funding

For TrueUSD there is to report further positive news. Trust token has received a $ 20 million round of financing from various institutional investors, such as trust token is explained on the company blog yesterday.

The investors include Andreessen Horowitz, a block tower Capital, Danhua Capital, GGV Capital and others. The funds will go into the development of the TUSD Tokens. It is uncertain whether funds are directly invested in USD purchases. The aim of the project is to be one of the most influential sources of Liquidity in the crypto market.

Danny, CEO of the trust token said:

The support of these leading investment firms, is a significant step towards our goal of a compliant platform for currencies, commodities, and tangible assets. We will draw on the combined Expertise and network of these companies, our industry to strengthen partnerships and to expand the range of our first product, TrueUSD,.

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