Stablecoins are able to maintain a solid growth rate against the often frustrating crypto market. TUSD-TRX on SunSwap yielded 12% and TUSD vault achieved an APY at 11.2% with the Beefy Finance decentralized yield optimizer (BNB). These are some very impressive APYs!
For those looking to transfer their assets to stablecoin service providers, security is a key consideration. TUSD has two safeguards that guarantee asset security. One is its transparent reserves. Armanino is one of America’s largest accounting firms. TrueUSD is live attested by Armanino to verify that its USD reserves are equal to the circulating token supply. This ensures a 100% collateral rate. Another safeguard are its partners banks. As custodians, banks are accountable for the USD assets. So, which banks are holding TUSD’s USD reserve, and what strengths do they have? The truth is that Truly can help you today to find the answers.
At present, TrueUSD collaborates with five trusted partner banks—Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust, and BitGo. Let us now show you the many benefits of these banks.
Signature Bank
Signature Bank, an FDIC-insured bank, is the first to offer a platform for digital payments based on blockchain. Signet was launched in January 2019 and is dedicated to offering stable, fast real-time cryptocurrency payment services. The platform, which is also based on blockchain technology, was the first to be approved by New York State Department of Financial Services. The platform uses Ethereum to allow clients to instantly pay in U.S. dollar 24/7.
TrueUSD, an American commercial bank with full-service, New York branch, announced its partnership with Signature Bank on June 18, 2021. TUSD was then integrated into Signature Bank’s payment network Signet, which allows its users to enjoy 24/7 minting services that can be completed within 2 minutes on average, greatly improving its financial efficiency and user experience. Also, with Signet, TUSD is able to provide free-of-charge transaction services to cater to users’ needs. Signature Bank will serve institutional customers. Customers with large transactions volumes will be assigned account managers by Signature Bank to assist them on-site and online.
Silvergate Bank
Silvergate was one of the first banks in January 2014 to open accounts for cryptocurrency transactions. It is one of the few “crypto-friendly” banks and a leading provider of innovative financial services in the crypto space. Silvergate provides services for over 750 crypto-exchanges as of today. It launched an online trading platform that allows crypto investors to move funds around the world on a 24 hour basis. Silvergate now accelerates the growth and transformation of global trade for digital currencies.
TUSD leverages the Silvergate Exchange Network, (SEN) to provide token minting services. Unlike traditional banks, TUSD puts a premium on users’ needs and offers 24/7 minting, redemption, and settlement services to boost the efficiency of using TUSD.
Prime Trust
Prime Trust is a trusted trust firm that leads the industry. As a chartered, regulated financial institution, it’s overseen by the banking commissioner’s office at the Nevada Financial Institutions Division. Prime Trust also belongs to the American Bankers Association and Nevada Trust Company Association. Prime Trust has a long history in crypto-friendly banking, including the trust industry, securities regulations and government affairs.
PrimeX allows TUSD holders 24/7 to issue and redeem tokens and ensures instant settlement.
First Digital Trust
First Digital Trust Limited was established in 2017. It’s brought together skills from the traditional financial world and knowledge of the digital assets economy to offer open finance solutions. First Digital Trust, which was spun off in 2019 and became its own business in 2019, is now a completely independent trust company with headquarters in Hong Kong.
Users can mint and redeem their tokens through First Digital Trust, TrueUSD’s trust partner. First Digital Trust has minimum and maximum minting and redemption thresholds. The upper limit for a single redemption or minting is $400K. First Digital Trust should be your first choice for anyone minting or redeeming small amounts TUSD.
BitGo
Headquartered in Palo Alto, BitGo is one of the world’s largest and oldest custodians of digital assets. BitGo, which was awarded the trust license in New York by the New York State Department of Financial Services, has been involved in both the centralized and the decentralized finance worlds. BitGo offers best-in-class trading and lending services through its prime brokerage services and facilitates the operation and security of over 500 institutional clients spanning 50 countries, including many regulated entities and the world’s top cryptocurrency exchanges and platforms.
BitGo provides custody services for USD and multisignature wallets that support TUSD. This allows users to buy TUSD from the wallet and improve their security.
BitGo doesn’t charge purchase or exchange fees at the moment. The minimum required amount for minting or redemption of TUSD is $1000. Individual or institutional users can also mint or redeem TUSD via PrimeTrust Silvergate Bank, Signature Bank, or Signature Bank.
After reading the introductions, you will be able to gain insight into TUSD’s banking partners. The perfect integration of TUSD, a compliant and transparent stablecoin, and the banks’ innovative technology and platform facilitates users to address trading-related issues, improving financial services and user experience. TrueUSD is building its credit now to ensure that TUSD will be more widely available.
TrueUSD is looking to improve its relationships with banks and offer better financial solutions for TUSD users.