By TrustToken recently released its latest stablecoin, TrueCAD, on Wednesday 1 May. This latest in TrustTokens range of fiat-backed stablecoins has its value pegged to the Canadian dollar.
TrustToken is known for creating a number of other stablecoins, including TrueUSD (backed by the US dollar), TrueGBP (backed by the British pound) as well as TrueAUD (you guessed it, backed by the Australian dollar) with each of these backed at a 1:1 ratio to their associated fiat currencies.
In the meantime, holders can make use of these four stablecoins via the TrustToken app. In addition to this, they are expected to be listed on various exchanges “over the coming weeks and months.” Furthermore, many of TrustToken’s other products are already available to trade on many top exchanges such as Binance, Huobi and OKEx.
In a nutshell, stablecoins are digital tokens which are backed by either separate asset such a precious metal like gold or currency or they are stabilized by an algorithm. While stablecoins take on a variety of different forms they do not even need to be backed by a physical asset. TrustToken alluded to this fact in a statement about TrueCAD:
“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.”
TrueCAD and TrueAUD are two of four new stablecoins which are backed by national currencies that TrueTokn it would announce this year. In addition to these stablecoins, TrustToken will also be releasing TrueEUR and TrueHKD for the euro and Hong Kong dollar, respectively.
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