The increase in the price and trading volume of various cryptocurrencies has promoted a lot of activity around the market behavior and has again boosted people’s interest in these new technologies.
Up until now, stablecoins have served not only to execute p2p transactions but as a way to “freeze” funds, allowing users to protect themselves from market volatility, especially during the bearish trend.
Given this situation, and considering there are few options vis-à-vis the hundreds of fiat currencies in the world, TrustToken, the developer of TUSD recently announced the creation of four original stablecoins for the European, Australian, Asian and Canadian markets.
TrustToken: Diversifying the Stablecoin Business
According to Cryptobriefing, TrustToken CEO Jai An explained that the firm hopes to broaden its services and at the same time promote the adoption of these tokens as exchange mechanisms. He was also confident that in 2019, the adoption of stablecoins will explode:
“Our goal in launching these four new stablecoins is to carry this trust over into more products that dramatically expand the options traders have for reliable, easy-to-use stablecoins. 2018 was the year that the industry realized the value of trusted stablecoins as a stable store of value and medium of exchange; 2019 will be the year that stablecoins drive industry adoption by connecting the cryptocurrency ecosystem back to the real world.
Prior to the announcement of these four new coins, TrustToken reported the launch of TrueGBP, a stablecoin aimed at tokenizing the British fiat currency.
Currently, TUSD ranks 36th in the global marketcap with almost 200 million tokenized dollars. The most important stablecoin of the ecosystem is Tether (USDT) which has a marketcap of about 2.7 Billion USD, ranking 8th in the global marketcap.
The company expects to launch the four crypto currencies throughout the year: In a first batch, the Australian Dollars (TrueAUD) stablecoin is already available for listing and will be released soon, while they will introduce the Canadian Dollars (TrueCAD) and Hong Kong Dollars (TrueHKD) in Q2 2019. They scheduled TrueEUR for Q3 2019
The new stablecoins will meet the same security standards as TrueUSD. TrustToken will deposit the funds as collateral in an auditable bank account. In the case of TrueAUD, TrustToken will provide regular attestations of the AUD backing by third-party accounting firm Cohen & Co.