TrueUSD (TUSD) officially launched on Binance, while retaining its dollar peg and now the price is $1.01. For several hours the asset increased to $1.21, but quickly adjusted its position and stabilized. This time the pump was much lower than the price of TUSD on May 16, which was $1.30 and probably was heated by the bots.
Thanks to the pleasant news, the volume of TUSD trades has increased to about $13 million in the last 24 hours. With the start of trading on Binance, this asset also increased the volume of supply by more than 18 million tokens, which is a significant increase for the currency in recent months, given the fact that TUSD has launched about 4 million tokens.
— TrustToken (@TrustToken) May 22, 2018
Due to its pairings, TUSD willn’t introduce liquidity into many altcoin markets, as USDT does. TUSD will instead be a hedge against volatility. TrueUSD is supported by the US dollar, acting as a stable currency for digital exchange. It is possible that this coin can be used to save profits during market downturns, for example Bitcoin, because TrueUSD positions itself as a stablecoin, which you can redeem 1-for-1 US dollars.
Such a coin as Binance Coin (BNB) is also used as a source of liquidity, but its volatile price complicates trading decisions. To date, the price of BNB is $14.65, which is close to its peak because BTC, the leading of cryptocurrencies, is again approaching $8,000.
Trade TUSD on Binance has already begun, but so far the daily volumes are lower than the total supply volume. As for Tether, their share in the crypto trade is stabilized at 14%, and the total volume of the offer is traded more than once a day.
TUSD tokens are minted only when users buy new ones with cash through the application – although sometimes purchases are made in batches.
The TrueUSD smart contract will only mint as many TrueUSD tokens as there are dollars in the third-party fiduciary’s escrow account. During large exchange listings, demand may exceed supply. Full story: https://t.co/eqw7jl27d1
— TrustToken (@TrustToken) May 21, 2018
At the moment, the offer has only increased, and the team foresaw that the token is sent to other exchanges. While USDT is recovering from negative news, a new fixed price stablecoin is an excellent way for customers who want to get into the crypt world. An additional $13 million in crypto trading is a drop in the bucket for Bitcoin, but CoinShot believes that in the future TrueUSD will play a very important role in increasing liquidity and trade.