TrustToken TrueCAD Stablecoin Is Here, Backed By Canadian Dollar

In the latest cryptocurrency news we have TrustToken releasing its latest stablecoin named TrueCAD which is the latest in the line of fiat-backed stablecoins. The TrustToken TrueCAD stablecoin is not the first one for the company – which had previously created the TrueUSD (USD), the TrueGBP (British pounds) and TrueAUD (Australian dollars) stablecoins.

Each of the aforementioned stablecoins are backed at a purported 1:1 ratio with their associated fiat currencies. Right now, holders can use these stablecoins on the TrustToken app and expect them to be listed on exchanges “in the coming weeks and months.” On top of this, the TrustToken TrueCAD stablecoin comes along with altcoin news that some of the already designed stablecoins are already traded on top exchanges such as Binance, Huobi and OKEx.

For those of you who don’t know, stablecoins are digital tokens that are backed by either a separate asset (mineral, currency etc.) or are stabilized by a secure algorithm. They may take a number of different forms (like the TrustToken TrueCAD stablecoin is linked to CAD) and require backing from a tangible asset.

The team at TrustToken has recently commented about the release of TrueCAD, stating:

“We wanted a simple stablecoin, without the need to trust some company’s hidden bank account or special algorithm. […] Our open source smart contracts ensure a 1:1 parity between TrueCAD and CAD in the accounts.”

Featured in the coming altcoin news, the report also added:

“TrueCAD is a big step forward as it dramatically expands the options of what people can do with stablecoins beyond a simple store of value or a stable cryptocurrency for trading on exchanges.”

Right now, The TrustToken TrueCAD stablecoin and the TrueAUD stablecoin are among the latest and newly released stablecoins pegged to national currencies that TrustToken announced would release in 2019. In the agenda, there are also plans for adding new stablecoins such as TrueEUR and TrueHKD which would be backed for euro and Hong Kong dollars, respectively.

As reported by many best cryptocurrency news sites recently, a couple of lawyers confirmed in court documents that the Tether stablecoin USDT is not backed 1:1 with US dollars (which are its reserve assets). Zoe Phillips, a lawyer from the law firm Morgan Lewis said that only three-quarters of Tether reserves had proper USD backing.

The official TrueCAD page can be accessed on the following link.