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TrueUSD Now Supports Minting Native TUSD On BNB Chain

source-logo  news.coincu.com 12 April 2023 16:12, UTC
BNB Chain is a blockchain-powered by BNB that is community-driven, decentralized, and censorship-resistant. It is made up of BNB Beacon Chain and BNB Smart Chain (BSC), both of which are EVM compatible and enable a multi-chain environment.

In terms of transaction volume and daily active users, it is the world’s biggest smart contract blockchain. It has handled 3 billion transactions from 200 million unique addresses so far, providing developers with huge user access at very cheap gas fees.

TrueUSD is an Ethereum-based stablecoin that is backed 1:1 against the USD, which means that, like today’s popular stablecoins, each unit of TrueUSD will be guaranteed to be equal to one US dollar.

TrueUSD was created by the TrustToken business and is overseen by top auditing organizations like Armanino, Cohen & Company, and ConsenSys Dilligence.

Deposits and withdrawals of various versions of TUSD have been enabled by cryptocurrency exchanges such as Binance, Huobi, Poloniex, and OKX, making it quicker and simpler for TUSD holders to engage in various blockchain exchanges.

TUSD now supports transactions on prominent blockchain networks like BNB Chain, Arbitrum, Fantom, Polygon, and others in addition to Ethereum.

In addition to BNB Chain, blockchains that enable the minting of native TUSD include Ethereum, TON, Cronos, Avalanche, and Tron.

As Coincu reported, Archblock, the operator of TrueUSD, has acknowledged transferring $1 billion in reserves to Capital Union Bank in the Bahamas. The observed activity has been ongoing since March 10, after the unexpected closure of its partner bank, Signature Bank. The move came in the backdrop of three banks in the United States that were forced to shut down by the country’s regulators last month.

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