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Many industry leaders and experts continue to advocate the need for a stable coin to underpin the cryptocurrency industry and bring about that illusive maturity required to cement the capabilities of this emergent industry.
Backed by the USD, TrueUSD, is a tokenized fiat currency that can be redeemed 1:1 for US dollars, providing traders with the currency it sorely needs to mitigate the market’s infamous risk and volatility.
“With TrueUSD, we set out to build a trustworthy stablecoin” says TrustToken Co-founder and CTO Rafael Cosman. “We appreciate that HybridBlock sees the value that TrueUSD will provide to traders on BaseTrade. The HybridBlock team is showing responsibility and a long-term view in meeting their community’s needs.”
Created by TrustToken, a platform creating asset-backed tokens for users to easily buy and sell tokenized assets around the world, TrueUSD is changing the way traders are protecting their assets from volatility. The highly-talented team developing this new asset class comprises of luminaries from Stanford, UC Berkeley, Palantir, and Google, and is further backed by Stanford-StartX, Founders Fund Angel, FJ Labs, and BlockTower Capital.
Leveraging this unique opportunity afforded by this currency, all-in-one cryptocurrency trading ecosystem, HybridBlock, is set to integrate TrueUSD on its cryptocurrency exchange product.
The partnership between HybridBlock and TrueUSD comes on the heels of exciting progress for for both companies. HybridBlock has recently started its critically-acclaimed public token sale, while TrueUSD has been listed on the world’s largest cryptocurrency exchange, Binance. Following the listing TrueUSD has now gone up to a market cap of over $33 million, a remarkable growth for a product launched three months ago.
“TrustToken and TrueUSD are a world-class team and product”declared HybridBlock Co-Founder, Apolo Ohno. “We are very excited to integrate TrueUSD within the HybridBlock ecosystem as one of the top stablecoin solutions for traders globally.”
TrueUSD Functionality Within HybridBlock
HybridBlock offers a number of innovative features for cryptocurrency traders to seamlessly exchange cryptos from one form to the other or acquire new ones. Paired with the stability that TrueUSD affords users, the crypto industry will now have access to trade protection mechanisms through legally enforceable escrow agreements. Every TrueUSD token minted is completely backed by USD, held in a leading trust firms’ escrow account that can directly be acquired and redeemed.
TrueUSD will be the base fiat pairing unit for traders looking to hedge against volatility and mitigate market risk on HybridExchange. For traders loading their account on BaseTrade through Wire Transfer, TrueUSD will be the initial token distributed to them. Once the accounts have been loaded, traders can then proceed to acquire any of the major cryptocurrencies on offer including Bitcoin, Ethereum, Litecoin, Ripple and HybridBlock Token.
By loading TrueUSD first, BaseTrade traders can confidently enter the cryptocurrency market without the risk of volatility, enabling them to study the market and make informed decisions on which crypto to acquire or exchange.
HybridExchange will launch in early June 2018, offering the world’s first exchange listing TrueUSD as a base pairing currency.