Tether USDT has been shady at least. No real audits, market plays, bitfinex controversies and internal plays, trading and printing extra tokens...
However, there was no true alternative. Now, finally there is.
If I would to speculate, here's what happened to Tether: a group of guys made it with good intentions. The guys got greedy, started printing more they had. Started covering up the mess, however greed breeds greed and it got others involved, and now it's hard for them to even cover their own mess.
Solution 1: they manage to do so - I'd say 20%
Solution 2: they exit scam and run - I'd say 5%
Solution 3: they get discovered, audited, subpoenaed, whatever,... or any other way it's discovered they don't have a backing for the tether usdt printed: - I'd say the most probably 75%
And on that moment, that will be the news of the day, the tether will plummet... drop down like a brick, and in that moment you don't want to be caught holding any.
So, this promises to be the stronger alternative to usdt tether...
TrueUSD - a new stable coin on the rise!
developed by TrustToken, a team coming out of Stanford, Palantir, Google, and Berkeley, funded by Founders Fund Angel, Stanford-StartX, and BlockTower Capital. The goal of the project is building a platform to tokenize the $256 trillion worth of real-world assets.
The first product on the TrustToken platform is TrueUSD, a USD-backed stablecoin you can exchange and trust. TrueUSD is 100% collateralized by USD in legally-protected custodial accounts, with multiple bank partners, so you can trade, send, and receive payments with peace of mind.
You can redeem TrueUSD for USD on their platform and they allow audits for their dollar accounts. In contrast to Tether which didn't allow a single audit till this day. In order to deposit or withdraw TUSD, TrustToken will use smart contracts to keep track of TrueUSD balances and ensure only those who've gone through the KYC process can make deposits or withdrawals on their platform.
- Legal protection - regular audit and legal protection for the owners of tokens.
Advantages of TrueUSD:
- Support for the dollar - any investor with a verified account that passed the standard KYC / AML check has the right to buy TrueUSD for the US dollar.
- Reliable fund management - the legal framework allows you to directly exchange dollars with escrow.
Full security - each token is provided with US dollars, which are stored on escrow accounts. Publicly audited smart contracts provide a 1: 1 parity between TrueUSD in circulation and USD on accounts.
- available on Binance