TrueUSD

TrueUSD is a US dollar stablecoin that launched on 5 March 2018, making it one of the earlier fiat-backed dollar tokens. It is designed to be redeemable one-to-one for US dollars and is issued across a large number of networks, including Ethereum, Tron, BNB Chain, Avalanche, Fantom, and Polygon.

The project's original differentiator was transparency around reserves. TrueUSD was the first major stablecoin to publish live on-chain attestations from independent third-party accounting firms, rather than relying only on periodic reports. It later integrated Chainlink Proof of Reserve, which publishes reserve data on chain so that smart contracts can read it directly.

Structure

TUSD has no fixed maximum supply. Tokens are minted when dollars are deposited with the issuer's partners and burned on redemption, so total and circulating supply move together, currently around 495 million. The reserve model is intended to hold cash and cash equivalents matching the tokens outstanding.

The token has been listed on a very large number of trading venues and at times has been used as a primary quote currency on major exchanges, which drove significant supply growth during those periods.

Considerations

TrueUSD has changed ownership since its launch, and its reserve arrangements and attestation providers have shifted over time. It has also experienced periods where its peg deviated and where questions were raised about reserve disclosures. Anyone considering TUSD should look at the current attestation provider, the composition of reserves as most recently reported, and the redemption terms in force today rather than relying on the token's early reputation for transparency.