(CRYPTO) Meet the StableCoin TrueUsd (TUSD) from TrustToken 🏦

David Steinrueck (TrustToken TUSD), Jason Randle(CryptoSomniac), Sneh Bhatt (Monarch), Robert Beadles (Crypto Beadles, Monarch).

[embed](CRYPTO) Meet the StableCoin TrueUsd (TUSD) from TrustToken 🏦 Fun and insightful interview with David Steinrueck the CMO of TUSD. Learn all about stablecoins and what TUSD brings to…castbox.fm

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What is going on Crypto Family, we’re here again at the crypto invest summit 2018 Los Angeles California. Of course we have Sneh Bhatt, Jason Randle and the CEO of Tether, it’s incredible to have you here (just kidding)! This is David Steinrueck with TrueUsd, TrustToken. For people that don’t know, we added it to Monarch the wallet cause I was a big fan of them and they’re here so, I was just kidding about the tether thing, I’m not a big fan of them, everybody knows that. I was hoping to get a laugh out of you but he just looks like he wants to punch me. Anyways, if you could, tell us a little bit about yourself man, tell us what you do at TUSD, I’m a fan of it already cause I think stable coins are huge for this space, without something stable nobody really wants to use it cause they’re always afraid of, “if I spend five bucks for Bitcoin today, tomorrow it’s fifty bucks” That was a fifty dollar sandwich, it was not ever good right. So you need something stable, the only thing I can say I don’t like about TUSD is it’s not quite stable either, it went from a dollar to a dollar thirty. How are we gonna get these things stable, tell us about yourself, tell us about TUSD.

Hey, great, thanks for having me, it’s great to be here. As you’re mentioning, stablecoins, more and more people are realizing are critical to the industry and to this whole growth that’s happening and to mass adoption of crypto and actually big money moving in and growing the market. We’ve been fortunate to be at the forefront of that, we launched in March and we’ve grown TrueUsd now to a market cap of around 160–170 million and growing quickly towards 200 million. Our aim is really to continue to be the number one liquidity provider through a stablecoin in the market, so we’re really trying to grow our market cap quick to meet demand. So as you mentioned, our price has fluctuated last week, there’s a good reason behind that so what we saw was that Tether got depacked from the dollar and a lot of confidence was lost in the market around Tether and that trading pair. TrueUsd is pegged to the dollar, it’s fully collateralized by the dollar which means that you can take any one USD and you have a legal right to actually redeem that for the underlying US-dollar, what that means is that you can have full confidence that you can always redeem it for a dollar so, so what we say is that redeemability leads to stability and if it’s over a dollar you’re paying to much for a dollar. The reason that happend is because there’s so much demand so going into TrueUsd so people are willing to accept a loss because of the instability of the other options.

Are you guys working to create something that doesn’t move no matter how much volume comes in or out to create a true stable peg?

Well, the biggest thing we can do is just provide enough supply for the demand in the market and so we’re working as quickly as we can to provide as much supply. That being said, it is actually a self-stabilizing in the long run because if it’s ever under, you or I or anyone else can go and buy it for under a dollar and redeem it directly for a dollar so it will always be over a dollar if it’s not, I recommend that you go buy it and and redeem it for a dollar. If it’s over a dollar you just have to be cautious because it is only worth a dollar so that really off the price the demand in.

And so, the big thing people always want to know is, is there actually something backing it right. Is there actually really a dollar behind each TUSD. Is it real, is it legit and then, can you actually verify, can you actually see a document on the website to show where all the money’s at.

We’re seeing all these other project come and also using auditors and verifying funds in different ways, we’re really the originators of this whole legal system. Legal and technical system that proves the underlying funds and so we work with auditors, a third party to provide attestations of the funds. Additionally, the funds are actually held in a third party account, we don’t touch those funds. Attestations are provided by a third party auditing company and so, we do the best we can to provide more real-time attestations of these funds. We’re currently providing them monthly and we’re working on really having full transparency as far as like an ongoing real-time basis.

Cool, so you guys are being compliant, you guys have banking partners all that kind of stuff, infrastructure in place so people can kind of know that they can trust the token right.

Yeah, our chief compliance, our head of legal chief regulatory officer just has many years of experience at the SEC, the CFTC, he’s a real heavy hitter in that area. We focused from the beginning on structuring this full compliance with regulators so that we can really be sure that, that’s at the end of the day what’s going to give people confidence in the stability of this is that, you have a legal right to redeem and so you can have as much confidence in this. The stability as this coin as you could in the in full legal system of the US government.

I’ve hogged them like there’s four of us up here, only two mics so I’m gonna let Sneh. (Sneh is interviewing now). So yeah, I think everyone want to know this, is that redemption policy live and what exchanges are you guys listed on? Where can I go and buy TUSD.

Sure, great question, now you’ll probably ask me next where you can hold TrueUsd which is the Monarch wallet. You can purchase and redeem through our web app which is at www.trusttoken.com or www.trueusd.com. Currently, there is a purchase and redeem minimum which is around 10k, we’re working on lowering that actively. We’ve seen such high volume in purchase and redemptions because people are actually using this every day that, just to deal with that, we’re getting our team caught up to to be able to handle smaller and smaller transactions. The other way to do it is to buy on an exchange, we’re on over 25 exchanges now including Binance, Bittrex, Huobi, HBUS…. (https://coinmarketcap.com/currencies/trueusd/#markets) so in addition to buying through us you can go Fiat to crypto on something like bittrex or you can go just purchase it right on an exchange.

(Jason Randle Talking right now) What a main competitive advantage is really, you haven’t kicked the auditor out several times so other than that, what do you see as competitive advantages for TUSD vs Tether.

To be honest, we’re not that worried about Tether. I think the market will really choose the most stable option. Really what our advantage is is being exchanged agnostic , we’re on over 25 exchanges the legal and kind of infrastructure is open. It’ll be more and more open to the public, more and more projects will come in there’ll be more and more stable coins. We already have these relationships established and we’re not connected with one exchange, we see some of these other tokens coming in based off of an exchange and who wants to list a token that’s from a competitor’s exchange. We’re really offering the most like liquidity across exchanges, that’s kind of our one of our biggest advantages.

(Robert Beadles talking right now) Alright man, sorry for the Tether joke, obviously he’s the CMO of TUSD. But, I’ve been a big fan, it’s one of the reasons why Sneh and I went back and forth which one we’re gonna add. And people know that follow the channel from day one like Tether just throws up way too many red flags right.

I would love to follow up with a question for you, why do you guys go with TUSD and what do you see why you would want to integrate it into your wallet.

I got two letters for you baby, DD, due diligence, I looked at Tether, I looked at TUSD, kind of looked at what you guys have as far as partners go, as far as being able to actually trust it.

It’s in the name, it’s in the name!

It’s in the name yeah, but normally you don’t have to tell people to trust you, they trust you over time right. But yeah, actually just looking into who you guys are, what your partners are, you know. To me it was kind of a no-brainer, Tether is too closely related to like BitFinex, they have too many of the same managers, it’s cloudy, they’re not being transparent with the money. Stuff goes in and out, to me it’s just like it just has crash written all over right. We added you guys about a week or two before the Tether collapse of sorts and I’m like HAHA, told you so.

(Sneh Bhatt talking right now) Just to say what he was saying you know, dd, right now the crypto sphere is like kind of drunk and TUSD is kind of like it doesn’t need a driver.

We’re a great driver and you can trust us to drive.

(Sneh Bhatt talking right now) Exactly, we can trust you, that’s why you’re designated USD pegged token.

(Robert Beadles talking right now) Yeah, but make no mistake, stable coins are definitely the future, having one that you can actually trust is definitely the future because nobody wants to spend crypto if they’re afraid of losing their but every single time they go to spend something right. They want to make sure it’s stable, that’s awesome you guys are providing a service, you guys are transparent, you guys have the right stuff in place. So that’s why we added it to Monarch you know, proud to do it man.

Perfect, looking forward to working with you guys and I should just mention that TrueUSD is actually a small test case for us from our bigger platform so Trust Token is really an asset tokenization platform so we can tokenize currencies such as USD, other currencies, commodities, gold, silver, real estate, the whole deal so we’re really looking forward to working with people.

(Sneh Bhatt talking right now) Can you fractionalise TUSD so I give you like 50 cents.

Absolutely, and you see that also with real estate in the future. Where you can have fractionalized ownership of anything in the world that you can put on the blockchain.

Awesome man, is there anything else you want to tell the audience before I’ll let you go?

That’s it, thank you so much!

Alright man, cool, take care guys!

Links TUSD🔗

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