Today it was announced that TrueUSD (TUSD), a fully-backed stablecoin attested independently live and on-chain, is launching the first USD stablecoin on the Avalanche blockchain platform in Q1 2021.
By launching on Avalanche, TrueUSD users will be able to send and receive the stablecoin with sub-second finality, and transaction fees that are just fractions of a cent. It will also provide traders the fastest way to get fiat-equivalent currencies in and out of exchanges, rendering it suitable for arbitrage, high-frequency trading, and other low-latency use cases.
TrueUSD is one of multiple TrueCurrencies built by TrustToken, which include TGBP, THKD, TCAD, and TAUD. Collectively, TrustToken currencies trade on over 100 exchanges and OTC desks, generating billions of dollars in monthly volume across more than 150 countries.
“U.S. Dollar liquidity is vital to thriving DeFi ecosystems, and we’re excited to bring one of the most trusted and widely-used stablecoins onto Avalanche,” says John Wu, President of Ava Labs. “TrueUSD on Avalanche will be a vital component of a new wave of stablecoin applications and products that are only possible with near-instant finality.”
TUSD + Avalanche
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. It is the first smart contracts platform that confirms transactions in under one second, supports the entirety of the Ethereum development toolkit, and enables millions of independent validators to participate as full block producers.
“Bringing TUSD to Avalanche means putting our industry’s most transparent medium of exchange in the hands of even more builders. TUSD is the first TrustToken product of many coming to Avalanche. We’re thrilled to see what Avalanche’s fantastic developer community will create with TrueCurrencies as building blocks.” says Rafael Cosman, CEO of TrustToken.
Since launching its mainnet on September 21st, Avalanche has gained over 650 full, block-producing validators participating in network consensus, and an additional 2,500 delegators participating in staking. Collectively, they make Avalanche the most decentralized layer 1 blockchain platform, and have accounted for over $1.3B in AVAX staked to secure the network at peak.