Crypto Academy Week 7 - Homework Post for [@yohan2on]

Hello every one welcome to another homework task post for @yohan2on one crypto professor, this is week 7 now which is one month and 3 weeks and i have learnt a lot by participating in this tasks and i hope you have too.

This week our professor @yohan2on wrote about stable coin again and he named his article Stable coins - Part2 so if you want to read our professor article click this link any way let's dive into this week task.

In the homework task our professor outlined that we have to write about one of this stable coin which are usd coin (USDC), TrueUSD(TUSD, Paxos Standard (PAX) and Digix (DGX). As for me I will be discussing about TUSD because I have knowledge about it.

TrueUSD(TUSD).

Source

What is TUSD is issued by Trust Token a company founded 2017 that is focused in creating Digital currency that can take advantage of the benefits of a block chain enabled asset withe full protection volatility and fraud, as a fiat collateralized cryptocurrency True USD are backed 1:1 to the US dollar which is held in reserves and can be redeemed anytime.

TrueUSD are issued on the ethereum block chain, TUSD is a USD pegged stable coin that provides it's users with regular adar stations of escrow balances for collateral and legal protection against the miss appropriation of the under lined USD, Trust Token has partnered with registered fedusiaries and banks the holds the funds backing the True USD tokens the USD funds are regularly verified in schedule adar station and kept in third party escrow accounts such the trust token has no direct access to the funds.

How TUSD works.

True USD coin is a stable coin and what keeps it stable is that is is backed 1 for 1 with US dollar that means that each True USD token in circulation is backed by a corresponding dollar that is being held by one of our banking partners the only way that True USD is ever created is you have to go to Trust Token website which is Trust Token.com then you create an account then you send in for example $10000 to one of their banking partners via a bank wire they will let them know the money arrived and then will mint for you $10,000 TrueUSD similarly if you want to redeem your TRUEUSD for US dollars you can send in 10,000 TRUE USD They will let thier banking partners know and they will send you a 10,000 USD wire, this is the one and only way that TRUE USD are ever taken out of circulation so that is how TRUEUSD Purchases and Redemption work.

Conclusion
Digital asset like this one supported by most exchanges anyway I want to thank @steemitblog and @yohan2on because through this process of doing this homework it has pushed me into doing researches.

Best regards

Cc: @steemcurator01
Cc: @steemcurator02

#cryptoacademy#yohan2on-week7#nigeria#coin#usdc#steemit