If you are not a keen follower of the developments related to cryptocurrencies, you might be wondering what is TUSD and USDT. We are trying to describe both in simple terms for even those who are not fond of reading news related to economics.
Many of you might have heard about Tether (USDT) and some of you might have purchased it as well.
Well, the wait is over and let’s explain what USDT stands for? USDT is a USD backed stablecoin or crypto.
Tether, or USDT, is the cryptocurrency version of the US dollar. Tether (USDT), also known as a stable coin, is pegged to fiat-USD reserves in the 1:1 ratio. Jean-Louis van der Velde who is the CEO of Bitfinex created Tether. He is also the CEO of Tether Limited.
One of the major criticisms against Tether is its non-transparent way of operation. According to some experts, Tether hasn’t yet convincingly proved that it has enough USD reserves. Many observers pointed out the inadequate transparency in its dealings as they pointed out that Tether is not open to regular audits.
In this scenario, it’s important to analyze the options before the investors who are keen to put money in a fiat-backed stablecoin. Let’s find out a good option for stablecoin investors.
TUSD vs USDT
TrueUSD, a USD-backed ERC20 stablecoin, is based on the TrustToken platform. It is fully collateralized, legally protected, and transparently verified by third-party attestations. One of the big advantages is its usage of multiple escrow accounts as this will reduce counterparty risk. It also provides legal protections against misappropriation for token-holders. Besides its creators, including Rafael Cosman, Stephen Kade, and Danny An, had earlier worked with big firms such as Google, PwC, and UC Berkeley. Most importantly, TUSD is audited regularly and it also maintains high transparency of the data.
TUSD vs USDT ranking
USDT is very popular even now with it topping the ranking when compared with TUSD. The latest price of TUSD is $0.9992. It’s market cap is $1,285,439,680. On the other hand, the market cap of USDT is $73,329,559,991 while its price is $1. Besides USDT is ranked as number 4 as per data from CoinMarketCap while the rank of TUSD is 91.
Which is the best stable coin?
When you consider the rank and trade volume, Tether is the leader by a big margin. While the 24-hour trade volume of USDT is $91.85 billion, its trade to value ratio is 125.3%. In the case of TUSD, the trade volume is only $134.9 million while its trade to value ratio is 10.8 per cent. The other stable coins are Binance USD (BUSD), Dai, TerraUSD and USD coin. Despite apprehensions from several quarters, it’s clear that USDT is the clear favorite among investors when it comes to stable coins.
TrueUSD market cap
TrueUSD has a market cap of $1,285,890,984 as of November 30 while its fully diluted market cap is $1,285,594,594. Its trading volume is $153,565,445 USD. TrueUSD is down 0.09% in the last 24 hours. Its CoinMarketCap ranking is #91, with a live market cap of $1,285,594,594 USD. It has a circulating supply of 1,286,467,997 TUSD coins.
How to buy TrueUSD
The first step is to complete your KYC/AML check and then you have to submit your information for verification. You will have to give your Ethereum address where you like to receive TrueUSD tokens. Once this process is over, you can transfer funds. You will get instructions on how to send funds directly to the TrueUSD escrow account.
These funds are sent directly to the escrow account of TrueUSD fiduciary partners — TrustToken.
The popularity of cryptocurrencies is increasing day by day and many governments are looking at ways to control and regulate the new technology in the economic field. It is important for investors to keep all these factors in mind while going ahead with the purchase of cryptocurrencies. The valuations and price might go up as we have witnessed recently but one has to be apprehensive about the one-sided run. Either way, it’s difficult for anyone to ignore the attention received by cryptocurrencies for the last few years. Everyone seems to be interested in trying their luck with a few cryptocurrencies.