Interesting things are happening in the cryptocurrency world. While most people have no love lost for Tether, it seems a competitor has emerged. Known as TrueUSD, it is another stablecoin pegged to the US Dollar. Surprisingly, this competing currency is now live on the Bittrex exchange.
Tether is a very interesting yet somewhat controversial company. Their USDT stablecoin has gotten a lot of criticism these past few months. As such, it is good to see competing stablecoins emerged. TrueUSD is also pegged to the US Dollar in a very similar manner. With a potential regulatory crackdown against Tether on the horizon, this alternative currency is more than welcome. Whether or not it will see its fair share of controversy, remains to be seen.
TrueUSD Brings Competition to Tether
What makes TrueUSD so intriguing is how it is now listed on the Bittrex exchange. Under the ticker TUSD, it will be traded against Bitcoin and a few other currencies. Considering how this stablecoin wasn’t on any major exchange besides Upbit, this addition is rather surprising. If this currency turns out to be problematic, it can easily disrupt Bittrex’ s reputation in a negative manner.
Having a competition between USDT and TUSD will be pretty interesting to watch. It is the first time these currencies will go head-to-hear don a non-Korean exchange. The big question is how legitimate TrueUSD turns out to be. More specifically, the currency is just a few weeks old and still has everything to prove at this point. Luckily, the parent company focuses on auditing, something Tether continues to neglect time after time.
With multiple USD-pegged stablecoins, things are bound to get interesting. Issuing a tokenized US Dollar can still get both Trust Token and Tether in major legal trouble. Trust Token is looking to move beyond the TrueUSD token as well. A Euro-based stablecoin is perhaps the next venture the company wants to explore. Slowly but surely, we may see USDT disappear into obscurity. That would not necessarily be a bad thing either. HaTTiP