New partnerships allow users to accrue up to 5-12% APR interest income, as much as 10 times local banks.
SAN FRANCISCO, CA / ACCESSWIRE / November 13, 2019 / TrustToken is enabling holders of TrueCurrencies (fully collateralized stablecoins) to earn up to 10 times the local bank savings rate in five global currencies. TrueCurrencies have been used in zero-fee, near-instant transactions to move funds between exchanges, lock-in value during downturns in crypto markets, and send payments worldwide for years.
TrueCurrency users can now enjoy an industry first: the opportunity to capture unbeatable earnings on non-USD denominated stablecoins. Users of TrueUSD (backed by US Dollars) may accrue up to 12% APR (annual percentage rate) while holders of other TrueCurrencies may gain between 4-6% APR.
These returns are made possible through recent partnerships with the most popular interest-bearing cryptocurrency partners: Crypto.com, Celsius Network, Cred, Nexo, and CoinList.
TrustToken's full suite of stablecoins, with respective earning opportunities:
TrueUSD (backed by the US Dollar), offering up to 12% APR across all five partners
TrueGBP (backed by the British Pound), offering up to 5.2% APR on Celsius Network
TrueHKD (backed by the Hong Kong Dollar), offering up to 5.2% APR on Celsius Network
TrueCAD (backed by the Canadian Dollar), offering up to 5.2% APR on Celsius Network
TrueAUD (backed by the Australian Dollar), offering up to 5.2% APR on Celsius Network
'Digital currencies are maturing and, in offering users interest rates that so outpace what is offered on their bank accounts, are becoming a true challenger to traditional finance,' says Jai An, TrustToken CEO and Co-Founder. 'Users win when blockchain projects work together to drive adoption. Earning interest is a natural progression for the cryptocurrency market, and we're excited to be working with the best partners in the business on getting crypto to the masses and rewarding them for their adoption.
World-First: Earn High Interest on Non-USD Stablecoins
TrustToken's recent partnership with Celsius Network allows holders on non-USD backed TrueCurrencies to earn interest up to 6% APR, or up to 7 times more than some bank savings account, in a first for the cryptocurrency industry.
Celsius Network, a crypto lending platform, offers interest between 4-10% on all 5 TrueCurrencies. Celsius also allows holders to use stablecoins as loan collateral.
Accruing Interest From Stablecoins
Participants can buy and sell TrueCurrencies on the TrustToken app (via wire transfer), as well as 50+ cryptocurrency exchanges such as Binance, OkEX, and Huobi. Users can also use the Abra app to buy TrueCurrencies with credit/debit cards, ACH, and wire transfer.
'TrueCurrencies offer transaction speeds that beat money transfers, as well as have the lowest cost of any stablecoin. But to grow adoption, all cryptocurrencies need to grow their utility,' says Tory Reiss, TrustToken co-founder. 'That's why we're excited to work with incredible partners to help bring high-interest bearing products to more people worldwide. Our partner's earning opportunities are denominated in all five of our international fiat-backed tokens, and are currently far outperforming traditional returns.'
Fiat-backed stablecoins are digital tokens that are fully collateralized by a major sovereign currency. These tokens offer the advantages of being price stable, frictionless (i.e., low fees and fast transactions), borderless, secure, transparent, and collateralized 1:1 by fiat reserves.
TrueUSD (TUSD) is the first independently-verified digital asset fully collateralized by US Dollars. TrueUSD uses multiple escrow accounts and third-party attestations to reduce counterparty risk, provide transparency, and prevent fraud. The full TrueCurrency portfolio includes THKD, TGBP, TAUD and TCAD, each the leading non-USD stablecoin in its respective currency.
TUSD offers exceptional liquidity with billions in monthly trade volume, and nearly instant minting and redemption speeds through Silvergate's Exchange Network and Prime Trust's PrimeX network.
TrueUSD users enjoy the lowest transaction costs of any stablecoin thanks to GasBoost; simple wallet aliases with Autosweep; and easy direct-to-bank redemption through a memorable 5-character TUSD Redemption Address.
TrustToken is modernizing financial infrastructure to make economic opportunities open to all.
Our TrueCurrencies (TUSD, TGBP, THKD, TCAD, TAUD) are the world's first independently-verified, fully collateralized stablecoins, now trading on top exchanges including Binance, Huobi, and OKEx and generating billions in monthly trade volume. TUSD users enjoy lighting-fast transactions, the lowest transaction costs of any stablecoin, easy exchange to and from dollars, and obsessive customer service.
Founded in 2017, the TrustToken team is based in San Francisco and Ireland, made up of talented people from Airbnb, AMEX, Apple, Coinbase, Facebook, and Google - and an office puppy from Texas. We're backed by top investors from a16z crypto, BlockTower Capital, Founders Fund Angel, Danhua Capital, GGV Capital, Jump Capital, and Stanford StartX.
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