• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Which Banks Manage the USD Reserve Backing Your TrueUSD?

NewsBTC by NewsBTC
2 months ago
in Company News
Reading Time: 4 mins read
Advertisement

Stablecoins have maintained a strong growth momentum against the occasionally frustrating crypto market. Recently, the TUSD-TRX pool on the decentralized trading platform SunSwap has yielded up to 12%, and the vault of TUSD achieved an APY of as high as 11.2% on the decentralized yield optimizer Beefy Finance (BNB). These APYs are eye-catching indeed!

Apart from the yield, security is also a major consideration for those who seek to entrust their assets to a stablecoin service provider. In the case of TUSD, asset security is ensured by two safeguards, one being its transparent reserves. TrueUSD is attested live by Armanino, one of the largest U.S.-based accounting firms, to ensure the 1:1 ratio of its USD reserve to its circulating token supply and thus a 100% collateral rate. The other safeguard is its partner banks. The banks (or custodians) matter as they are responsible for holding the USD assets that back the value of TUSD for safekeeping. So, which banks are holding TUSD’s USD reserve, and what strengths do they have? Truly is here to help you find out the answer today.

At present, TrueUSD collaborates with five trusted partner banks—Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust, and BitGo. Now we will walk you through the advantages of these banks.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Signature Bank

Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform. Introduced in January 2019, Signet the platform is committed to providing fast and stable real-time crypto payment services. It is a payment ecosystem built on the blockchain and also the first platform approved by the New York State Department of Financial Services.  It is based on Ethereum and allows clients to make real-time payments in U.S. dollars 24/7 all year long.

On June 18, 2021, TrueUSD announced a partnership with Signature Bank, a New York-based full-service commercial bank. 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 is dedicated to serving institutional customers. It will designate account managers to customers with a large transaction volume to help them online and on-site in a timely manner.

Silvergate Bank

In January 2014, Silvergate became one of the first banks to set up 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. As of today, Silvergate has provided services for 750 crypto exchanges. In 2017, it launched a dedicated trading network that allows investors to transfer funds between crypto exchanges globally on a 24/7 basis. Now, Silvergate is accelerating the growth of the crypto market and reshaping global commerce for digital currencies.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

By leveraging the Silvergate Exchange Network (SEN), TUSD provides users with efficient 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 an industry-leading trust company. As a chartered, regulated financial institution, it’s overseen by the banking commissioner’s office at the Nevada Financial Institutions Division. Prime Trust is also a member of the American Bankers Association and Nevada Trust Company Association, as well as a crypto-friendly bank seasoned in the digital economy, trust business, securities regulations, and government affairs.

PrimeX allows TUSD holders to mint and redeem their tokens 24/7 and provides optimal instant settlement.

First Digital Trust

First Digital Trust was built in 2017, under the umbrella of First Digital Trust Limited. It’s brought together skills from the traditional financial world and knowledge of the digital assets economy to offer open finance solutions.  After spinning off and becoming our own company in 2019, First Digital Trust became a fully independent public trust company headquartered in Hong Kong.

Users can mint and redeem their tokens through First Digital Trust, TrueUSD’s trust partner. Please note that First Digital Trust applies minimum and maximum thresholds for mints and redemptions, the upper limit amount of a single minting or redemption is $400K.  So, for those minting and redeeming relatively small amounts of TUSD, First Digital Trust is your go-to choice.

BitGo

Headquartered in Palo Alto, BitGo is one of the world’s largest and oldest custodians of digital assets. BitGo was granted the trust license by the New York State Department of Financial Services and has been active in both centralized and decentralized finance spheres. 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 offers custody services for TUSD, and its multi-signature wallets have supported TUSD, enabling users to purchase TUSD within the wallet, and better secure their assets.

Currently, BitGo does not charge any purchase or exchange fees, but the minimum amount required for minting and redemption is $1000 worth of TUSD, and there is no upper limit when individual or institutional users mint or redeem TUSD via PrimeTrust, Silvergate Bank or Signature Bank.

After you read the introductions above, we believes that you have gained insight into the banking partners of TUSD. 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. Meanwhile, this is also a critical time for TrueUSD to build its credit so that more users will choose to hold TUSD.

Down the road, TrueUSD will further expand its collaborations with banks for better solutions, offering safe, efficient, and convenient financial services for TUSD users.

 

Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
NewsBTC

NewsBTC

Related Posts

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

ViaBTC Capital | Reasons Behind Solana’s Frequent Downtime: Design Flaws in the Gas Economy

20 hours ago
Bit.com Plans to Double Workforce as Layoffs Mount in Crypto and Financial Markets

Bit.com Plans to Double Workforce as Layoffs Mount in Crypto and Financial Markets

20 hours ago
Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

Top GCC Banker Hussein Al Meeza Joins Islamic Coin Executive Board

3 days ago
primexbt

How To Become A Power Trader With PrimeXBT Trading Contests

4 days ago
From Autonomous Cities to US Presidency: The Future Is Now Film Shows What Blockchain Leaders Think About Governance

From Autonomous Cities to US Presidency: The Future Is Now Film Shows What Blockchain Leaders Think About Governance

5 days ago
Top Decentralized Stablecoin Alternatives to USTC (Formerly UST)

Top Decentralized Stablecoin Alternatives to USTC (Formerly UST)

5 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Have These Coins Cardano (ADA), Solana (SOL), and FIREPIN Token (FRPN) Become The Pillars Of The Crypto Space?

June 27, 2022

Torches Finance, The Top Lending Protocol has Launched on KCC, Genesis NFT Free Mint is Coming Soon

June 27, 2022

DogeSQ Token Presale Will Live on 28th June, 2022. 6:00 AM UTC

June 27, 2022

XT.com Lists Tales of Xtalnia (XTAL) With USDT Trading Pair

June 27, 2022

Find Out How Gnox (GNOX) Is Planning To Take On Fantom (FTM) And Avalanche (AVAX)

June 27, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.