TrueUSD launches natively on Avalanche
TrueUSD (TUSD), a top-five fiat-backed stablecoin, has natively launched on Avalanche. This brings another cornerstone DeFi asset to the rapidly growing Avalanche ecosystem and expands US Dollar liquidity for its users and applications.
TrustToken plans to bring additional products to Avalanche that build on TUSD, and will play a vital role in the DeFi applications on the platform.
Users can now access TUSD on Avalanche directly through TrustToken’s TrueCurrencies App. AVAX-TUSD will also be added as a liquidity pool on decentralised exchange Pangolin, so users can also access it directly in Avalanche’s DeFi ecosystem alongside other prominent DeFi assets like $WBTC, $LINK, $UNI, $AAVE, and $YFI that have been ported over the Avalanche-Ethereum Bridge.
“US Dollar liquidity is vital to thriving DeFi ecosystems, and we’re excited to bring one of the most trusted and widely-used stablecoins onto Avalanche,” says John Wu, President of Ava Labs. “TrueUSD on Avalanche will be a vital component of a new wave of stablecoin applications and products that are only possible with near-instant finality.”
TrueUSD is one of the most transparent stablecoins on the market, backed 1:1 to the US dollar with live attestations by Armanino and on-chain Proof of Reserves with Chainlink. It is one of multiple TrueCurrencies built by TrustToken, which include TGBP, THKD, TCAD, and TAUD. Collectively, TrustToken currencies trade on over 100 exchanges and OTC desks, generating billions of dollars in monthly volume across more than 120 countries.
By launching on Avalanche, TrueUSD users can now send and receive the stablecoin with sub-second finality and low transaction fees. For the first time, stablecoins will move like cash on a decentralized network, rather than waiting extended periods of time for block confirmations or paying exorbitant fees.
Since the launch of the Avalanche-Ethereum Bridge on 8 February, smart contract activity on Avalanche has boomed, with transactions increasing by 631 per cent to over 400,000, and unique wallets increasing by 1300 per cent to top 30,000.
Since launching its mainnet on 21 September, Avalanche has gained over 840 full, block-producing validators participating in network consensus, and an additional 4,100 delegators participating in staking. Collectively, they make Avalanche the most decentralised layer 1 blockchain platform, and the third-largest in staked value at over USD3 billion.