Aofex

TrustToken Bridges TUSD and Other Stablecoins to Syscoin

Place/Date: - December 2nd, 2020 at 12:00 pm UTC · 5 min read
Source: TrustToken

TrustToken Bridges TUSD and Other Stablecoins to Syscoin

Tomorrow’s fintech depends on high-quality stablecoins. The continued success of value-pegged assets will depend on their usability, security, and compliance. For these reasons, Syscoin Foundation is proud to announce a partnership with TrustToken. The entire TrustToken family of TrueCurrencies, including TrueUSD (TUSD), has bridged to Syscoin.

TrustToken offers the largest family of digital currencies backed by real-world money. They lead the way in stablecoin transparency, compliance and security. TrustToken’s TUSD is the first regulatory compliant asset fully backed by live-auditable USD collateral, exceeding industry standards. TUSD is one of the most popular stablecoins in the world, boasting a market cap of 268 million US Dollars currently.

TrustToken, by choosing Syscoin, further raises the industry bar for stablecoins. Syscoin’s live mainnet is ideal for digital money. It provides fast settlement time, low-cost transfers, scalability, and trustless interoperability with Ethereum. The upcoming release of Syscoin version 4.2 will enable TrustToken to opt-in to Network-enforced Rulesets if desired. This feature can ensure regulatory pre-compliance and is useful for other enterprise purposes. TrustToken will use the Syscoin Platform Token (“SPT”) model and its unique features to pave the way for massive adoption.

TrustToken is proud to support TUSD on the Syscoin chain, we’re looking forward to seeing what the community builds with a more fee-efficient TUSD on Syscoin. Jack Sun Strategic Partnerships TrustToken.

TrustToken Solves Big Challenges with Syscoin

The rising popularity of stablecoins and DeFi have made Ethereum’s limitations obvious. Enterprises and regular users incur unreasonable fees, impaired speed and reduced reliability. Although Ethereum is taking measured steps to scale, that goal is some distance away. Many are looking elsewhere to improve token usability and affordability, right now.

TrustToken identified Syscoin as a viable mainnet solution for secure token payments at scale, and low-risk interoperability with Ethereum.

TrustToken’s family of assets gain unmatched usability and a competitive edge with Syscoin, becoming:

  • Cost-effective, even for small payments. A transaction of tokens costs only $0.000004 USD today. Take a look at a live fee comparison with Ethereum.
  • Near-instant transactions with Z-DAG. An important part of scaling decentralized payment services to global demand
  • Interoperable with Ethereum ERC-20 via the trustless and permissionless Syscoin Bridge
  • Securely settled on a Bitcoin-Core-compliant and merge-mined Proof-of-Work blockchain
  • Reliable during periods of high network traffic

Jag Sidhu, Syscoin Foundation Chairman, Lead Core Developer:

“Digital assets have growing needs for better usability, robust decentralized security, and a scalable way of ensuring every transaction complies with regulations. Syscoin uniquely aligns with all of these requirements. We look forward to TrustToken’s family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.”

The third-party blockchain auditing firm, Whiteblock Inc., tested the scalability of Syscoin’s Z-DAG technology. The audit report shows that Syscoin’s network can provide a burst capacity up to 61,000 TPS (transactions per second) and a peak of 140,000 TPS.

Syscoin recently launched to mainnet its bridge with Ethereum. Syscoin Bridge, a DeFi application, enables ERC-20 tokens to move between the Syscoin and Ethereum blockchains. The bridge is trust-minimized, does not require the use of counterparties, and has no liquidity limitations. It is powered by a series of Ethereum smart contracts and uses Simple Payment Verification (SPV).

About Syscoin

Syscoin is an open-source decentralized blockchain project founded in 2013 and launched to mainnet the following year. It provides a Proof-of-Work merge-mined blockchain backed by Bitcoin’s security model and a notable percentage of its hash rate. Syscoin features Blockchain Foundry’s patent-pending technology Z-DAG (Zero Confirmation Directed Acyclic Graph). Z-DAG provides settlement times in less than 10 seconds with low fees, even as blocks become full. Syscoin also pioneered trustless interoperability with Ethereum. Syscoin Bridge was delivered to mainnet in January 2020.

Syscoin Foundation is a registered entity founded on December 11th, 2018. The non-profit organization represents the Syscoin core development team and secures the project’s code repositories. It also oversees public relations. Its goal is to expedite the global adoption of blockchain technology by demonstrating Syscoin’s capabilities and benefits.

Other recent Syscoin partnerships include the Binance BUSD stablecoin, a business development and research cooperative with Matic Network, and Corion Platform.

About TrustToken

TrustToken builds modern financial infrastructure to make economic opportunity open to all. TrustToken’s TrueCurrencies (TUSD, TGBP, THKD, TCAD, TAUD) are the world’s first and only independently live-attested, fully collateralized stablecoins.

Collectively trading on over 100 exchanges and OTC desks, TrueCurrencies generate billions in monthly volume in +150 countries. Enjoy near instant transactions, the lowest transaction costs of any stablecoin, easy exchange between fiat, obsessive customer service and easy access to earning opportunities.

The TrueFi platform is pioneering a new approach to on-chain uncollateralized lending, letting TRU holders vote on borrowers and deal terms and creating more ways for users to generate returns in DeFi.

Other recent TrustToken partnerships include NEAR Protocol and Chainlink.

Share: