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. You can read more about stablecoins here.
TAUD is issued on the Ethereum network and managed and administered by TrustToken, a US-based cryptocurrency platform. TrustToken administers stablecoins for a number of national currencies, including the US dollar, British pound and Australian dollar.
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.
You can view the real-time attestation of TrustToken's TrueCurrencies, including TAUD, in the tracker on this page, or via here.
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.
What is TrustToken?
TrustToken is an American cryptocurrency company that provides a range of fully collateralised stablecoins known as TrueCurrencies. This means that for every stablecoin it issues, it holds the equivalent value in the underlying currency. For example, there is 1 US dollar held in escrow with TrustToken's partners for every 1 TUSD in circulation.
Users can mint and redeem TrueCurrencies directly with TrustToken. You can view the independent assurance of TrueCurrencies here.
TrustToken also offers uncollateralised cryptocurrency lending through its TrueFi platform.
How does TrueAUD work?
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 like Crypto.com.
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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