Hello - I’m Rafael, CEO of TrustToken, and our team would like to propose listing TrueUSD on Compound.
We believe TUSD would be a valuable addition to Compound as it has reliable live price feeds, strong community interest, and sufficient market liquidity.
Down the road, other TrueCurrencies, such as TCAD, TAUD, TGBP, and THKD, could also add value to the Compound platform by allowing users to on-ramp via their native currencies or speculate on Forex with leverage.
Popularity: TUSD has been listed on AAVE since 2019, currently ranks 3rd in market size among stablecoins on AAVE, and makes up 13.6% of AAVE’s total market size.
Largest AAVE markets at time of writing, sorted by Total Borrowed:
If TrueUSD performed similarly on Compound, we expect that it would become Compound’s third-largest market in terms of total borrow (after DAI and USDC).
Transparency: TUSD is the only stablecoin with live attestations to corroborate TUSD out in the market with dollars held in escrow. These attestations are facilitated by top accounting firm Armanino, LLP.
Reliability: Based on DeFi Score, TUSD on AAVE has the highest trust rating of any fiat-backed stablecoin currently listed on the platform.
Liquidity: TUSD is at over $280M in market cap at the time of writing, ranking as the 4th largest stablecoin after USDT, USDC, and DAI. It enjoys deep liquidity on both centralized and decentralized exchanges.
DeFi Adoption: The MakerDAO community accepted our TUSD collateral application and is in the process of green-lighting TAUD, TGBP, and TCAD.
- TUSD Proposal Poll: (99.99% voted “Yes”)
- TGBP Greenlight Poll: (100% voted “Yes”)
- TAUD Greenlight Poll: (100% voted “Yes”)
- TCAD Greenlight Poll: (100% voted “Yes”)
Access: TUSD is widely available through both 1st party and 3rd party fiat-to-crypto on-ramps, creating a new entry point for both individual and institutional Compound users. You can mint and redeem it right here.
TrueCurrency holders can rest assured that their tokens are actually redeemable 1:1 for Fiat by checking our real-time attestation of reserves.
We are working to bring this data on-chain in the coming months through partnerships with Oracle providers.
Because TAUD, TCAD, TGBP, and THKD are not pegged to the US dollar, Compound users in those respective jurisdictions would be able to participate in DeFi without taking on Forex risk by leveraging TrueCurrencies and borrowing from Compound against their native fiat currency.
TrueCoin, LLC, manages the smart contracts of TrueCurrencies. It is a wholly-owned subsidiary of TrustLabs, Inc, which is a Delaware, USA registered company.
Independent, third-party banks and trust companies in the United States and Hong Kong manage the fiat collateral backing TUSD in escrow accounts held for the benefit of all TUSD holders.
TrueCurrencies are fiat-backed stablecoins that are fully-collateralized (1:1 backed) with fiat held by banks and trust companies.
TAUD, TCAD, TGBP, and THKD have lower liquidity when compared to TUSD. However, for each of our stablecoins the Compound community is open to onboarding, TrustToken can commit to providing $1mm of liquidity at the time of listing to seed the market.
We think there is a strong partnership here and would love to work with the Compound community to address any questions or concerns.