• TUSD token was released in January 2018
• TUSD was introduced by Rafael Cosman, Danny An and Stephen Fade TrustToken
They have established a third escrow accounts that resembles the script issue of shares where when new capital is added an equivalent number of shares are produced. Hence, the price of the TUSD is always pegged to the USD. When USD is deposited in the escrow account, new TUSD tokens are put in circulation and on withdrawal vice-versa happens.
TrueUSD is a stablecoin whose value is pegged to the US Dollar. When the user completes the KYC/AML process and wire funds to the designated escrow accounts, an equal amount of TUSD is freshly forged on to the user’s Ethereum address. Each TUSD represents a redeemable certificate for $1 from the escrow accounts holding the underlying USD.
Cohen & Company has published their latest independent attestation of the bank accounts holding the collateral for TrueUSD. They have also appointed Alex C. Levine as head Chief Regulatory Officer and Head of Legal, who has held senior legal positions at the CFTC (Commodities Futures Trading Commission) and SEC (Securities Exchange Commission) of the US.