Good for COMP Holders, Good for TrueCurrency Users — Here’s Why
On October 20th, 2020, with the support of our partners at Dharma, TrueUSD was proposed as a new Compound Finance market. We’ve previously discussed the pros and cons of TUSD on Compound on the governance forum.
Though we’ll share many of the highlights of the lively discussion in this post, our summary position is this:
TrueUSD has set the bar in terms of transparency, trustworthiness, and adoption across DeFi. As such, TUSD markets across the top DeFi platforms have collectively grown to hundreds of millions in value, with TUSD ranking at a top asset by total market size.
If TUSD is accepted as a new Compound market, we expect to see similar growth on Compound as TUSD has enjoyed on Aave, Maker and beyond — to the benefit of COMP holders and TUSD users.
We also expect adding a third stablecoin asset will give Compound users a way to diversify beyond the 2 assets that currently drive the overwhelming majority of Compound usage today — USDC and DAI.
If you’re a COMP holder, we’d love your support in favor of the proposal. Make your voice heard here at this link:
If you cannot participate in the vote, we’d love your help in sharing this post. You can retweet the post below or share this link at will.
Any dependable stablecoin will have a price consistent with the currency to which it is pegged, safely hold 100% of the assets backing its outstanding tokens, and undergo regular independent audits. TrueUSD far exceeds this bar and has been a long-time partner to DeFi. Here’s how:
Leader in Transparency
TUSD is the only stablecoin with live attestations to corroborate TUSD out in the market with dollars held in escrow. These attestations are independently facilitated by top accounting firm Armanino, LLP. We’ll be bringing this data on-chain through a partnership with oracle providers this year.
TUSD has been listed on AAVE since 2019 and currently ranks 4rd in both total market size and total borrowed, while making up 11% of AAVE’s total market at time of writing.
If TrueUSD performed similarly on Compound, we expect that it would become Compound’s third-largest market in terms of total borrow (after DAI and USDC).
Based on DeFi Score, TUSD on AAVE has the highest trust rating of any stablecoin currently listed on the platform.
TUSD is at over $300mm in market cap at the time of writing, ranking as the 4th largest stablecoin after USDT, USDC, BUSD and DAI. It enjoys deep liquidity on both centralized and decentralized exchanges.
TUSD hit its $50M debt ceiling within 5 days of approved as DAI collateral by Maker. Since then, the Maker community voted to further increase TUSD’s debt ceiling, and at time of writing, over $55M of TUSD is serving as DAI collateral.
Maker has also greenlit 3 of TrustToken’s forex currencies: TAUD, TGBP, and TCAD.
TUSD is used in +150 countries and is widely available through a 1st party web app, 3rd party fiat-to-crypto on-ramps, and +80 exchanges, creating a new entry point for individual and institutional Compound users.
You can mint and redeem it right here.
You’ll find links to our audits, balances, source code and more at the link.