TrueUSD (TUSD) price, performance and general information

Tether just updated its website to clarify that each of its USDT tokens, which it used to claim were “always backed 1-to-1 with traditional currency,” are backed by assets other than fiat currency.Now, the website instead reassures its patrons that it’s always “100% backed by [its] reserves.” It clarifies this vague language, even legalistic language, by saying these reserves “include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities.”Despite the fact that some of Tether’s collateral might not actually be in fiat, the revised notice concludes by saying, “Every Tether is also 1-to-1 pegged to the USD, so 1 USD₮ is always valued by Tether at 1 USD.” The older version read, “1 USD₮ is always equivalent to 1 USD.”Tether’s statement that it values each of its tokens at $1 is not the same as saying that each token is backed by $1; rather, each token’s dollar value is instead derived from Tether's valuation of its assets. This clarification will likely embolden Tether’s more staunch opponents, who have argued that Tether is insolvent. While there’s never been any evidence to suggest that Tether does not have the reserves to back the coins in circulation, the company has routinely refused to submit to a formal audit, opting instead for attestations from a law firm in the past.This update seems to at least lend credence to these insolvency concerns, which have been most thoroughly vetted by researchers at the University of Texas at Austin who released a report with a thesis that hinges on the belief that Tether’s issuance inflated the market during the 2017 bull run. It should be noted that this report has been refuted by other academics who took issue with the professors’ methodology.Still, Tether claims that there are more than enough assets in its coffers to cover circulating supply. On its transparency page, the company records that it has $23 million more assets under its name than liabilities.“From time to time, Tether reviews its Terms of Service and Risk Disclosures to ensure that they remain appropriate and up to date. Our most recent revisions were intended to update our disclosures to reflect Tether’s growth and operations and to be consistent with the types of disclosures used by other institutions,” a Bitfinex team member told Bitcoin Magazine, responding on behalf of Tether.“The only change is that the composition of the assets that provide that backing includes a combination of cash, cash equivalents, and may also include other assets or receivables from loans issued by Tether,” they concluded.With the language presented on the website and by this representative, Tether’s assertion that its backing may include “cash equivalents” and “other assets and receivables from loans made by Tether to third parties” reads like fractional reserve banking practices. This modern banking practice, which some believe helped to precipitate the 2008 financial crisis, allows banks to hold only a portion of its customer deposits on site, opting instead to loan the overwhelming majority of these funds to institutions and generate debt in place of physical assets.“Fractional reserve banking is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal. This is done to expand the economy by freeing up capital that can be loaned out to other parties,” Investopedia explains.The fear of many Tether detractors is that the company is running a fractional reserve, a concern that was aggravated by the apparent inability to redeem USDT for cash through Tether’s website or Bitfinex, an exchange run by the same management as Tether. Tether’s cash portal, however, has reportedly been up-and-running since late 2018.Given that the market’s largest stablecoin has been so opaque in its operations, the controversy surrounding Tether has provided fertile ground for competition. Through 2017–2018, there was a proliferation of fiat-backed stablecoins like TrueUSD, Gemini USD, USD Coin and the Paxos Standard, all of which are attempting to be an institutional and regulation grade alternative to the market’s first fiat stablecoin.To bolster their credibility, the companies behind these coins have employed some of the U.S.’s top accounting firms to run an audit of their business and finances, something that Tether’s own executives have called impossible in the past, given the stigmatized nature of cryptocurrency companies. This article originally appeared on Bitcoin Magazine.

Binance Will Add TUSD Trading Pairs Binance is ready to add new trading pairs to its list. Today, the company has decided to offer new TUSD trading pairs: BNB/TUSD, BTC/TUSD and ETH/TUSD. They will go live on March 13, at 4:00 am UTC. The announcement was made on the official blog of the exchange. The […]

When leaked pictures of Samsung’s latest smartphone went viral, the crypto sphere lost its mind over a singular feature: a built-in cryptocurrency wallet.Samsung would quickly deny rumors that the S10 contained a baked-in hardware wallet. Well, the wallet definitely exists. It’s just missing a few features you might expect of a crypto wallet. Specifically, it doesn’t support bitcoin — only ether and ERC20 tokens — which would be akin to your broker at Charles Schwab or Fidelity telling you that your 401(k) lets you invest in silver, copper and other metals but not gold.The WalletI bought my S10 yesterday and downloaded the wallet first thing this morning from Samsung’s Galaxy Store (interestingly, it’s not available on the Google Play Store). Upon setting up the wallet, the app asks for permissions, like access to your phone’s calling function, storage, camera and body sensors, and it asks you to sign in with either a Samsung or Google account.I tried to take screenshots of the process, but when you try this, an error message reads: “Can’t take screenshots due to security policy.” So there’s a plus-one for mindful security practice even if the app’s asking for access to your phone leaves you wary.Setting up the wallet is pretty standard procedure. You can either import an existing wallet using your seed phrase or create a new one. If creating a new one, you’ll be asked to enter a 6-digit PIN, and after you confirm this PIN, you’ll be given a 12-word seed phrase (aka recovery phrase or mnemonic phrase).The device will warn you to store the phrase on another device (or, if you’re being really security minded, offline entirely), adding that if you lose it, then your wallet will be lost to the blockchain abyss if you need to recover it for whatver reason (instances where you might need to recover your wallet: your phone gets broken, your phone gets stolen or Thanos secures all the Infinity Stones). The app also assures you that Samsung has no access to your wallet, but that anyone with your seed phrase does.After you promise that you’ve written down the seed phrase safely like an obedient little enthusiast, like any responsible wallet, it will randomly select three of these words (numbered 1–12) for you to regurgitate to the app to prove that you didn’t ignore the most important step in setting up a wallet.Bitcoin When?Once you’ve done this, your wallet is set up and you can start sending and receiving ether and ERC20 tokens.Yep, just Ethereum stuff: no bitcoin. The wallet comes with innate support for ether, TrueUSD, Basic Attention Token, Augur’s REP, Chainlink, the Paxos Standard, Maker, USD Coin, BNB and ZRX, among others. You can also add a “custom token” like you can for other Ethereum wallet services such as MyCrypto and MyEtherWallet: this means that you can tell the wallet to recognize any ERC20 token by entering its token contract address, its name, its symbol (ticker) and its decimals.It also comes with intrinsic support for two dApps: the Enjin Coin wallet, the eponymous cryptocurrency for Korean gaming company Enjin; and the notorious CryptoKitties. Enjin has been touted as a token platform that will revolutionize in-game purchases and ownership (what amounts to tokenizing cosmetics, items and other content). CryptoKitties, depending on who you ask, is either a really cute crypto trend or the virtual reincarnation of Beanie Babies with even more irrational buyer’s mania. It made headlines in 2017 when the dApp clogged up the Ethereum network.According to BREAKERMAG’s coverage of the wallet, COSMEE, a cosmetic token that rewards users for things like reviews of beauty products, is also supported. The app reportedly features the CoinDuck payment portal for point-of-sale and merchant payments, as well.Samsung has given no indication as to why it chose to support only Ethereum out of the gate, and it has also given no promise or timeline for integrating bitcoin or other cryptocurrencies in the future. This article originally appeared on Bitcoin Magazine.

This week, TrueUSD, a stablecoin, marked one year since its launch. To mark this special day in style, the stablecoin made two significant moves that geared towards helping the […] The post TrueUSD Marks One-Year By Giving More Powers To Its Users appeared first on UseTheBitcoin.

TrustToken has decided to enable real-time monitoring of the TrueUSD (TUSD) balances. The intention is to increase transparency in the crypto market after controversies with other stablecoins such as Tether (USDT).