Given the growing importance of reliable auditable stablecoin liquidity for modern cryptocurrency systems, Syscoin (SYS) announces the integration of TrueUSD, a U.S Dollar-pegged asset by TrustToken.
TrustToken stablecoins go live on Syscoin (SYS) mainnet
According to a press release shared with U.Today, Syscoin Foundation has partnered with recognized stablecoin issuer TrustToken. Its flagship asset, True USD (TUSD)—a Dollar-pegged stablecoin with nine-digit capitalization—will be issued on Syscoin (SYS) mainnet.
The new partnership comes to life with the release of Syscoin version 4.2. Syscoin Platform Token (SPT) will be used in this integration. The new partnership meets the strictest regulatory requirements, therefore making it suitable for all sorts of corporate needs.
Jack Sun, Strategic Partnerships Lead at TrustToken, highlighted that stablecoin transfers with Syscoin will be optimized and low-cost:
TrustToken is proud to support TUSD on the Syscoin chain, we're looking forward to seeing what the community builds with a more fee-efficient TUSD on Syscoin.
Mostly, this decision was made due to the irritating limitations of the Ethereum (ETH) blockchain, the initial platform of most stablecoins. In 2020, its $10+ fees and transaction collapse led to the exodus of dApps and assets to more efficient platforms.
What is special about Syscoin (SYS) and TrustToken?
Jag Sidhu, Syscoin Foundation chairman and lead core developer, highlights that the partnership with TrustToken is an interesting use case for his platform:
We look forward to TrustToken's family of stablecoins becoming future-proof and gaining significant advantage with Syscoin.
Active since 2013, Syscoin (SYS) harnesses proof of work (PoW) merge-mined consensus and a unique Z-DAG (Zero Confirmation Directed Acyclic Graph) algorithm. It allows transactions to be finalized in less than 10 seconds without sacrificing security and privacy. Since early 2020, all Syscoin mechanisms are fully Ethereum-compatible due to Syscoin Bridge.
TrustToken released a family of stablecoins (TrustCurrencies: TUSD, TGBP, THKD, TCAD, TAUD), the first-ever live-attested line of fully collateralized stablecoins.
Stablecoins by TrustToken are available on 100+ exchanges and "over-the-counter" platforms. Recently, this ecosystem broke into the DeFi race with its TrueFi instrument for TRU holders.