Stablecoins — particularly those backed by fiat currencies like the US dollar — are a hot topic in today’s cryptocurrency industry. Bitcoinist recently caught up with Rafael Cosman, CTO and Co-Founder of TrustToken, to talk about the company’s new USD-pegged stablecoin, it’s relationship to other stablecoins like Tether, and the price spike following TrueUSD’s listing on Binance. Here’s what he had to say.
Bitcoinist: TrustToken is a platform to create asset-backed tokens, such as gold to gold tokens or dollar to dollar tokens. How exactly does this process work?
RC: The TrustToken Platform deposits the asset into a fiduciary partner’s escrow account as collateral and then creates tokens that are equal to the value of the asset. For example, TrustToken’s smart contract is designed so that we do not mint new TrueUSD unless the corresponding amount has been received from market-makers in the escrow account. The tokens are then available for 24/7, low-cost trading.
Bitcoinist: How do you maintain price stability for TrueUSD?
RC: Generally, our policy is that “redeemability leads to stability.” The value of a TrueUSD token is that …
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