Look Out, Tether: Bittrex Lists New Pegged Currency, 'TrueUSD' 

In an era of controversy surrounding some of the world’s more famous ‘pegged’ currencies, Bittrex co-founder Richie Lai has announced that the exchange will be listing TrueUSD ($TUSD) on its platform, a currency that touts itself as “the world’s first legally-backed stable cryptocurrency.”

It's $TUSD.... we've listed it... Wallet is open now, market will be opening within the hour. @BittrexExchange

— Richie (@richiela) March 6, 2018

According to a Trust Token (the firm behind TrueUSD) blog post announcing the listing, “TrueUSD offers token-holders full USD collateral, regular attestations… and legal protections to redeem TrueUSD for USD.” The currency was launched in mid-January of this year.

On a recent episode of Rahul Sood’s UnikrnRadio podcast, Bittrex CEO Bill Shihara announced that Bittrex could soon be integrating USD deposits in the near future; no specific timeline was given.

TrueUSD is trading live on Bittrex! Now traders can use the first fully collateralized and legally-backed Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term. $TUSD https://t.co/Wy7pxymfV4

— TrustToken (@TrustToken) March 6, 2018

What Are Pegged Currencies?

In the unendingly volatile world of cryptocurrency, pegged coins have positioned themselves as safe havens for value; instead of leaving assets in Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term or other cryptocurrencies that can lose their value, some traders choose to temporarily convert their crypto into a pegged token so that none of its value will be lost.

Tether, which is arguably the most popular of the pegged tokens, has been washed with controversy over the past several months as serious doubts about if each USDT token is actually backed by a corresponding US dollar have arisen. A lack of professional audits and too-close-for-comfort ties between Tether and the rather infamous Bitfinex exchange has also had many members of the crypto community raising their eyebrows.

There is certainly a need for a more trustworthy pegged currency; if TrueUSD can manage to position itself as the new industry standard, Tether might just be out of luck.