TrueUSD (TUSD) Stablecoin Names Five Current Bank Partners Holding Its USD Reserves

• Five prominent banks are presently working with TUSD.
• The auditing company Armanino is currently auditing TUSD.

The TrueUSD (TUSD) stablecoin has revealed the names of five of its current bank partners who protect its USD reserves. As of now, the TUSD stablecoins USD assets are held in the custody of Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust & BitGo.

Signature Bank is the first FDIC-insured bank to offer a blockchain-based digital payments platform—Signet—which is built on the Ethereum blockchain. Using the Signet payment network, TUSD was able to begin 24-hour minting services within two minutes after partnering with the New York-based Signature Bank. As a result, TUSD’s financial services have been described as significantly enhanced. In addition, transactions in TUSD inside Signet are entirely free.

Silvergate is a new TUSD bank partner from 2021. This financial institution has accepted cryptocurrency transactions since it was one of the first to open accounts for the transactions. Another “efficient” token minting solution is provided by TUSD, which leverages the Silvergate Exchange Network (SEN).

In addition to SEN, Prime Trust’s PrimeX strengthens TUSD’s near-instant minting and redemption capabilities. TUSD holders may manufacture and redeem tokens 24 hours a day, seven days a week on PrimeX, which provides rapid settlements. In addition, the first Digital Trust, the stablecoin partner, allows its users to create and redeem tokens. Because of this, TUSD has taken the opportunity to present its customers with more alternatives, particularly if they intend on minting or redeeming modest quantities of TUSD.

TUSD was one of BitGo’s first stablecoins added to the service. Secure multi-signature wallets from BitGo enable stablecoin purchases for TUSD customers. BitGo allows users to buy and sell TUSD without incurring any transaction fees. However, a minimum of $1,000 worth of TUSD must be minted and redeemed.

TUSD is looking at different methods to improve the services for its customers. In order to do this, it intends to develop partnerships with other banks. Armanino, a leading European auditing company, is reported to be auditing TUSD. Armanino will attest to TUSD’s smart contracts’ reliability. As a result, TUSD has become the first stablecoin on the market to adopt these security measures.