TrueUSD Names Five Banks Holding the Stablecoin’s USD Reserve
2022.04.27 10:07
TrueUSD Names Five Banks Holding the Stablecoin’s USD Reserve
- TUSD is currently in collaboration with five banks.
- Partner banks provide a safeguard for TUSD’s asset security.
- TUSD is now audited by auditing firm Armanino.
Stablecoin TrueUSD (TUSD) named five of its current bank collaborators that ensure asset security for its USD reserves.
According to TUSD, it currently works with Signature Bank (NASDAQ:SBNY), Silvergate Bank, Prime Trust, First Digital Trust, and BitGo for the safekeeping of USD assets that back the value of the stablecoin.
For one, Signature Bank is the first bank insured by the Federal Deposit Insurance Corporation (FDIC) to launch a blockchain-based digital payments platform—Signet.
TUSD partnered with Signature Bank, a New York-based commercial firm, and was then integrated into Signet, Signature’s payment network, opening 24/7 minting services within two minutes. TUSD admitted that this development “greatly” improved its financial services for its users. Interestingly, TUSD transactions within Signet are free.
Another TUSD partner bank from 2021 is Silvergate. This financial firm became one of the first banks to set up accounts for crypto transactions and has since become known as one of the few crypto-friendly banks.
TUSD leverages the Silvergate Exchange Network (SEN), providing users with another “efficient” token minting service.
Together with SEN, TUSD reinforces its near-instant minting and redemption services with Prime Trust’s PrimeX. PrimeX enables TUSD holders to mint and redeem tokens round the clock, offering instant settlements.
Users of the stablecoin can also mint and redeem their tokens with TUSD partner First Digital Trust. Although the bank implements minimum and maximum transactions, TUSD saw this as an opportunity to provide its users with options, especially if they plan on minting or redeeming small amounts of TUSD.
TUSD is also one of the early stablecoins that crypto custodian BitGo included in its offerings. BitGo’s secure multi-signature wallets allow TUSD users to purchase the stablecoin within the wallet.
With BitGo, users can purchase and exchange TUSD with no fee. However, a minimum amount of $1,000 worth of TUSD is required to mint and redeem.
TUSD revealed that it is exploring more ways to better its services for its users. To do so, it plans to forge relationships with more bank partners.
Earlier, TUSD was reported to now be audited by Armanino, a top European auditing firm. Armanino will attest to the stability of TUSD’s smart contracts on-chain. TUSD, in turn, becomes the only stablecoin that has implemented such security standards.
Continue reading on CoinQuora
