What is TrueAUD (TAUD)?
TrueAUD is a cryptocurrency stablecoin that tracks the value of the Australian dollar.
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What is TrueAUD?
TrueAUD (TAUD) is a type of digital asset known as a stablecoin and is pegged to the value of the Australian dollar. This means that 1 TrueAUD token can be redeemed for 1 Australian dollar, and vice versa.
TAUD is issued on the Ethereum network and managed and administered by TrustToken, a US-based cryptocurrency lending platform. TrustToken administers stablecoins for a number of national currencies, including the US dollar, British pound and Australian dollar.
You can read more about stablecoins here.
How does TrueAUD work?
As it is pegged to the value of the Australian dollar, TrueAUD is not considered an investment in the same way as Bitcoin and other popular cryptocurrencies.
It's mostly used in cryptocurrency lending and for those who want to be able to use their Australian dollars on-chain.
Is TrueAUD safe?
According to TrustToken, TrueAUD is fully collateralised, which means every TrueAUD token is backed by a real Australian dollar that is held in escrow by TrustToken's custody partners. TrustToken also publishes its proof of reserves on the blockchain in real time, which means you can verify it yourself.
As a stablecoin, TrueAUD does not have the same level of volatility that is often associated with cryptocurrencies such as Bitcoin and Ethereum. It is designed to track the value of the Australian dollar, so it shouldn't be subject to the same wild price fluctuations.
However, as with any cryptocurrency, TrueAUD may still be affected by any vulnerabilities in its code, as well as potential hacks to the network.
TrueAUD and Finder Earn
Where can I buy TrueAUD?
TrueAUD is issued by TrustToken, and can be minted and redeemed via the TrustToken desktop app. It's not traded on cryptocurrency exchanges, but you can stake TrueAUD on a number of crypto lending platforms, including Celsius and Crypto.com. TrueAUD can also be redeemed through Finder Earn on the Finder app.
Bear in mind that TrueAUD is not intended to be an investment, and its price is designed to match that of the Australian dollar.
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