Binance is set to open trading for select TrueUSD (TUSD) trading pairs on Friday, May 18th, at 4:00 am (UTC). The USD-pegged stablecoin will only be tradable against Bitcoin (BTC), Ethereum (ETH), and the exchange’s own Binance Coin (BNB).
Like Tether, Only Regulatory Compliant
TUSD is a stablecoin designed to match the US dollar at a one-to-one ratio, meaning one TUSD roughly equates to one USD, in terms of valuation.
Unlike Tether (USDT), a sometimes controversial USD-pegged stablecoin, TrueUSD is reportedly much more regulatory compliant. Explains Binance:
In the TrueUSD system, U.S Dollars are held in the bank accounts of multiple trust companies that have signed escrow agreements, rather than in a bank account controlled by a single company. The contents of said bank accounts are published every day and are subject to monthly audits.
As such, obtaining TrueUSD through methods other than trading on Binance isn’t quite as easy as one might think. Notes Binance:
If someone wants to obtain TrueUSD through the online application, they will need to pass a KYC/AML check. Once that’s complete, they can send USD to one of TrueUSD’s trust company partners. Once the funds …
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