Dear MakerDAO Community,
TrueUSD would like to propose its application to onboard TUSD as a collateral for DAI.
Thank you for your consideration.
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
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
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.