[TUSD] MIP6 Collateral Onboarding Application

Dear MakerDAO Community,

TrueUSD would like to propose its application to onboard TUSD as a collateral for DAI.

Thank you for your consideration.
Annabel
Marketing and Business Development at TrueUSD

1. Who is the interested party for this collateral application?

TrueCoin, LLC, the entity behind TrueUSD (“TUSD”), and by Techeryx.

2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.

TrueUSD (TUSD) is the first independently-verified digital asset redeemable 1-for-1 for US Dollars. It is the first regulated stablecoin fully backed by the US Dollar.

Techteryx, an Asia-based conglomerate with businesses in Hong Kong, Singapore, Guangzhou, Shenzhen, Beijing, etc. in the traditional real estate, entertainment, environmental, and information technology industries, is committed to meeting the need for financial innovation globally amongst traditional sectors.

All TUSD funds are held by fully licensed and regulated banks and trust companies in the United States and Hong Kong, including PrimeTrust (https://www.primetrust.com/), Silvergate Bank (https://www.silvergatebank.com/) and First Digital (https://1stdigital.com/), Signature Bank (https://www.signatureny.com).

TUSD is minted by users initiating a US dollar wire transfer to the banks that TrueUSD has established partnerships with (mentioned above). The US dollars are held in escrow at the corresponding financial institution. For every TUSD minted there is a corresponding US dollar in a bank account subject to ongoing accounting audits by a reputable third-party CPA, Armanino LLP (“Armanino”). TUSD is a fiat-backed stablecoin and honors transparency with 24/7 on-chain attestations by Armanino, making it a great option to diversify the stablecoin selections here on Maker. Diversification is important in investment strategy, and we are confident it would be beneficial for both TrueUSD and the Maker community to support TUSD as collateral on PSM. Through this collaboration, we can jointly welcome new users to experience DeFi on MakerDao, renowned as one of the first DeFi projects established in the industry.

3. Provide a brief history of the project.

MAY 2018 - TUSD lists on Binance

SEP 2018 - Market cap exceeds $100 million

AUG 2019 - TUSD launches on Binance Chain

SEP 2020 - Market cap exceeds $500 million

MAR 2021 - TUSD launches natively on Avalanche Chain

APR 2021 - TUSD launches natively on TRON Chain

MAY 2021- TUSD launches natively on Binance Smart Chain

JUN 2021- TUSD breaks all-time market cap record at over $1.7 billion

OCT 2021- TUSD reaches $300 million in circulating supply on TRON

OCT 2021- TUSD launches the TrueUSD Fountain Incentive Plan

4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.

White Paper: TUSD_WhitePaper.pdf (trueusd.com)

Website: Home | TrueUSD

Source Code: https://github.com/trusttoken/smart-contracts

Ethereum: https://etherscan.io/address/0x0000000000085d4780b73119b644ae5ecd22b376

TRON: https://tronscan.org/#/contract/TUpMhErZL2fhh4sVNULAbNKLokS4GjC1F4/code

BSC: https://bscscan.com/address/0x14016e85a25aeb13065688cafb43044c2ef86784

BC: https://explorer.binance.org/asset/TUSDB-888

Avalanche: https://avascan.info/blockchain/c/address/0x1c20e891bab6b1727d14da358fae2984ed9b59eb

Polygon: https://polygonscan.com/token/0x2e1ad108ff1d8c782fcbbb89aad783ac49586756

Arbitrum: https://arbiscan.io/token/0x4d15a3a2286d883af0aa1b3f21367843fac63e07

Fantom: https://ftmscan.com/address/0x9879abdea01a879644185341f7af7d8343556b7a

HECO: https://hecoinfo.com/token/0x5eE41aB6edd38cDfB9f6B4e6Cf7F75c87E170d98

5. Link any available audits of the project. Both procedural and smart contract-focused audits.

Link to technical audits from Armanino TrustExplorer - real-time audit

6. Link to any active communities relating to your project.

Twitter: TrueUSD (@tusd_official) / Twitter

Medium:https://trueusd.medium.com/

Telegram: @TUSDofficial_EN

Weibo: https://weibo.com/u/7569099718

7. How is the applying collateral type currently used?

TrueUSD is a USD-backed stablecoin. It is used by traders exchanging it for other assets on cryptocurrency exchanges.

8. Does one organization bear legal responsibility for the collateral? What jurisdiction does that organization reside in?

More than one organization carries responsibility for the collateral. These entities reside in the US and Hong Kong.

9. Where does exchange for the asset occur?

TUSD has trading pairs such as Binance, Huobi, Bittrex, Digifiinex, OKEx, Poloniex, HitBTC, KuCoin, MEXC, for Centralized Exchanges and SushiSwap, Uniswap, Ellipsis, Pangolin, and PancakeSwap, for Decentralized Exchanges. Additionally, TUSD can be exchanged at a fixed 1:1 rate on the TUSD exchange.

10. (Optional) Has your project obtained any legal opinions or memoranda regarding the regulatory standing of the token or an explanation of the same from the perspective of any jurisdiction? If so, those materials should be provided for community review.

n/a

Hi @AnnabelTUSD, thank you for your post.

Can I just ask you to clarify that you’re applying specifically for a TUSD PSM? TUSD has already been onboarded to the Maker Protocol but currently has a Debt Ceiling of 0. If you were looking to utilise the Vault architecture and not PSM then a Signal Request to raise the Debt Ceiling may be more appropriate.

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Hello @Patrick_J, thank you for your comment.

Thank you for confirming, that is correct we are applying specifically for a TUSD PSM.

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for those being late to the party - there was a bit of turmoil around TUSD a year ago, leading to the Debt Ceiling being set to 0.

image

If you want to read up what happened last year, here are some good threads:

I have no idea if something happened in the meantime.

3 Likes

Dear @ultraschuppi and MakerDao community,

Thank you for your comment regarding our application as a PSM for MakerDAO. We are more than happy to answer in a clear and transparent way and add to the information you have provided.

First and foremost, we would like to address the articles published in December 2020, and confirm that the data originally provided to the community upon TrueUSD’s transition from TrustToken to Techteryx is still accurate:

  1. TrueUSD is still working hand in hand with the Trusttoken team for compliance and operations, and that banking partners are still the ones Trusttoken works with, namely PrimeTrust (https://www.primetrust.com/ ), Silvergate Bank (https://www.silvergatebank.com/), First Digital (https://1stdigital.com/ ), and Signature Bank (www.signatureny.com).
  2. The smart contracts remain the same to this day.
  3. TrueUSD is still being audited by Armanino, who, in addition to live attestations of stablecoins, also provide “proof of reserves” audits for exchanges (Proof of Reserves | Armanino).

Since those articles were posted, TrueUSD has launched on additional chains (Avalanche, TRON, Binance Smart Chain, Fantom, Polygon, and Cronos), on top of Binance and Ethereum. TUSD user addresses have also exceeded over 400,300 and our market cap reached an all-time high record of over $1.7 billion.

We also started working with over 40 DeFi projects that include lending protocols such as AAVE, Venus, and Scream, and all of which TUSD has decently high utilization rates as a collateral asset. We also launched a stablepool on Balancer Protocol, providing rewards and liquidity on Polygon for our users to enjoy. We strive to provide our users with countless opportunities for them to use their TUSD across multiple chains while maintaining our commitment to transparency and security in services and product. And to help develop more DeFi ecosystems, we have launched our Fountain Incentive Plan worth $1 billion.

Once again and as it was originally mentioned last year, we would like to assure the Maker community of our commitment to TrueUSD’s transparency and security in our services and product. We appreciate any questions presented and will address them in a timely and explanatory manner.

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