TrueUSD (TUSD), a stablecoin pegged to the US dollar, aims to bring stability and transparency to the cryptocurrency market. Introduced by TrustToken (now Archblock) in 2018, TUSD is fully collateralized, with each token backed by one US dollar. The reserves are regularly verified, ensuring reliability and user confidence. This article explores what TrueUSD (TUSD) is and provides a guide on how to purchase TUSD with Turkish lira (TRY).
What is TrueUSD (TUSD)?
TrueUSD was created to address concerns over the backing and reliability of other stablecoins like Tether. Each TUSD token is backed by one US dollar, ensuring its value mirrors the USD. TrustToken, now operating as Archblock, manages the issuance and distribution of TUSD through a smart contract platform. Regular attestations by third-party companies verify the reserves, enhancing transparency and trust.
To ensure further stability, TrustToken collaborates with registered trustees and banks responsible for holding the reserves backing TUSD tokens. This partnership model not only offers security but also complies with regulatory standards, making TUSD credible among both individual and institutional investors.
TUSD’s usability spans multiple blockchain networks, making it a versatile option for trading and transfers on cryptocurrency exchanges and decentralized finance (DeFi) protocols. Its multi-network availability ensures seamless integration into various financial ecosystems, providing liquidity and stability where necessary.
How to Buy TrueUSD (TUSD) with TRY?
Binance TR is the preferred cryptocurrency exchange for Turkish investors looking to buy TUSD. The platform allows users to trade over 100 cryptocurrencies, including TUSD. The following steps detail how to buy TUSD with TRY on Binance TR.
Steps to Purchase TUSD on Binance TR
1. **Create an Account:** Visit trbinance.com, click “Create Account,” and provide basic information such as email, phone number, and identification details for account setup.
2. **Verify Identity:** Complete the identity verification (KYC) process using your phone or the website. Upload necessary documents and a selfie for verification.
3. **Deposit TL:** Deposit Turkish lira into your Binance TR account via bank transfer, EFT, or FAST. Follow the instructions specific to your bank for the deposit process.
4. **Buy TUSD:** Navigate to the “Buy-Sell” option, search for TUSD/TRY, and enter the purchase amount. Complete the transaction by clicking “Buy TUSD.”
What is Binance TR?
Launched in 2020, Binance TR is a localized platform by Binance for Turkish investors. It provides seamless fiat-to-crypto and crypto-to-crypto trading, leveraging Binance’s technology and security. Users can deposit and withdraw Turkish lira and access various cryptocurrencies, benefiting from market-leading liquidity and advanced security protocols.