Bittrex Adds Tether Competitor TrueUSD as Regulation Rumors Persist
Bittrex Expands its own Lock of Money Coins
Trueusd or False Stablecoin?
Images courtesy of Shutterstock, also Trust Token.
For several of the measures it takes to ensure full compliance, it is likely that TUSD could encounter hot water for issuing a “copycat” variant of this U.S. dollar. This seems unlikely since it stands, not because authorities have far bigger fish to fry, even if a case may be made against Trust Token and Tether on those grounds. In any case, Trust Token has stated it might introduce a Euro-based variation in future, which could be protected from these measures. The other important U.S. market that’s currently reliant upon tethers is Kraken. If it were to present Trueusd, it may indicate the beginning of the end for Tether on U.S. soil.
As the saying goes, do not keep all your stablecoins in one basket. Over-reliance on tethers could prove expensive to an exchange such as Bittrex when U.S. regulators were to crack down on the controversial stablecoin. This week, Bittrex added a second stablecoin from the shape Trueusd, in a move seen as a hedge against potential Tether regulation.
After months of sin, Bittrex has declared listing brand new coins and tokens at the speed of roughly one a week. The inclusion of this week was an unusual one nonetheless. Unlike other coins, Trueusd (TUSD) was not already widely available everywhere. In fact, Bittrex is the next exchange to record the stablecoin following Upbit. In the last 24 hours, $2.3 million of TUSD has been traded on the Bittrex, accounting for 56 percent of the dollar-pegged coin total volume.
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When it started in late January, Trueusd was charged as “A USD-backed stablecoin you can trust”. Trust Token, which conceived TUSD, have apparently heard from Tether’s mistakes and are anxious not to be tarred with the exact same brush. Hence the emphasis on “full collateral, regular auditing, and legal protections”. To buy TUSD direct from Trueusd, full KYC is needed. Like tethers, TUSD may waver slightly in cost, but is not likely to deviate far from its own $ 1 peg. As Trust Token describes:
Published at Wed, 07 Mar 2018 16:35:53 +0000
With $29 million of USDT traded on Bittrex in exactly the exact same interval, tether remains far forward from the stablecoin stakes, but all that could quickly change, especially when authorities were to weigh in. The legal standing of Tether has been debated to death, with all critics claiming that it may be answerable to a U.S.-led shutdown, likely due to falling foul of AML regulations. That might or might not have to pass, however in the meantime, Bittrex’ decision to include Trueusd may be translated as a safeguard against that possibility. The U.S. market does not permit fiat currency deposits, although its CEO stated in a meeting last month it’ll be adding this provision.
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Can you believe TrueUSD is not as susceptible to U.S. law than Tether? Let us know in the comments section below.
Since traders are always able to trade Trueusd for the identical USD on TrueUSD.com, there will be a bonus to purchase or sell mispriced Trueusd on trades and convert on Trueusd.com.