TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legally protected, and transparently audited. TrueUSD uses multiple escrow accounts to reduce counterparty risk, and to provide token-holders with legal rights to the funds. TrueUSD is the first major built on the TrustToken platform.
We wanted to build a stablecoin that we would use and trust ourselves. TrueCoin is a service that issues tokenized currencies and assets; TrueUSD is its first stablecoin token. TrueCoin partners with registered trust companies and banks to securely hold the funds backing TrueUSD tokens. For increased security, the trust companies handle all funds directly. The TrueUSD system does not handle or have access to the escrowed funds. When you wire funds and complete the KYC/AML process, you become a beneficial owner in the escrow account to which you have sent funds. Your ownership in the account is legally recognized and each TrueUSD token you receive is akin to a redeemable certificate of ownership for $1 from the escrow account.