TrueUSD now supports casting native TUSD on BNB Chain

04/12/2023 12:08 • Metaverse Matters • 136 views

On April 12th, it was announced that TrueUSD has supported casting native TUSD on BNB Chain. Currently, blockchains that support casting native TUSD include Ethereum and Tron in addition to BNB Chain.

TrueUSD supports casting native TUSD on BNB Chain

Introduction

On April 12th, TrueUSD announced the addition of support for casting native TUSD on Binance Chain (BNB Chain) alongside Ethereum and Tron. This move is a significant milestone for TrueUSD and Binance Chain, as it provides additional opportunities for the trading and use of TUSD on a highly-scalable blockchain platform.

What is TrueUSD?

TrueUSD (TUSD) is a stablecoin that is pegged to the US dollar, meaning that it is backed by a reserve of US dollars held in escrow. This backing ensures the stability of the currency by ensuring there is always enough dollar reserves to support the circulating supply of TUSD.

What is Binance Chain?

Binance Chain (BNB Chain) is a highly-scalable blockchain platform developed by Binance, one of the world’s largest cryptocurrency exchanges. BNB Chain provides an efficient way to transfer assets on a decentralized network, with the ability to create custom tokens and smart contracts.

Importance of TUSD on BNB Chain

The addition of TrueUSD support on Binance Chain is significant as it opens up new possibilities for the use of TUSD on a highly-scalable and decentralized blockchain platform. This support allows for the seamless transfer of TUSD without the need for lengthy and costly intermediaries, significantly reducing transaction times and fees.

Benefits of TUSD on BNB Chain

The addition of TUSD on Binance Chain provides numerous benefits, including:
1. **Increased accessibility:** With TUSD now supported on Binance Chain, users can easily trade and access TUSD on a highly-scalable decentralized blockchain platform.
2. **Reduced transaction times and fees:** Transactions on Binance Chain are highly efficient, with low fees and near-instant transaction times, providing a more cost-effective and faster transfer of TUSD.
3. **Improved transparency and security:** Decentralized blockchain platforms offer transparency and security through the use of smart contracts and distributed ledger technology, providing a verifiable and immutable record of all transactions.

What does this mean for cryptocurrency traders?

The addition of TUSD support on Binance Chain provides cryptocurrency traders with a new opportunity to trade stablecoins on a highly-scalable and efficient blockchain platform. This provides additional liquidity and flexibility, allowing for the easy transfer of funds between different currencies without the need for intermediaries.

Conclusion

The addition of TrueUSD support on Binance Chain is a significant milestone for both platforms, providing increased accessibility, efficiency, and security for TUSD users. This move highlights the continued evolution of blockchain technology and its continued growth in adoption and use.

FAQs

1. Is TrueUSD a reliable stablecoin?
– Yes, TrueUSD is a reliable stablecoin backed by a reserve of US dollars held in escrow, providing stability and security for its users.
2. Can I use TUSD on Binance Chain for trading?
– Yes, TUSD is now supported on Binance Chain, providing users with a highly-scalable and efficient way to trade the stablecoin on a decentralized blockchain platform.
3. What are the advantages of using TUSD on Binance Chain?
– The advantages of using TUSD on Binance Chain include increased accessibility, reduced transaction times and fees, and improved transparency and security through the use of distributed ledger technology.

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