Introducing TrueUSD — stable coin trade pairs for India
One of the most frequently quoted characteristics of all digital assets is their volatility. The volatile nature of digital assets needs a stable currency today to keep holdings, earnings and profits from investments protected from unpredictable value depreciation. That’s one of the key reasons why Fiat/Crypto corridors on exchanges around the world are so wildly popular.
With the recent developments in India around digital assets regulations, it has temporarily become difficult to maintain this stability due to absence of INR corridors on exchanges across the country. The RBI directive dated April 6, 2018 restricts all banks from providing services to entities dealing in virtual currency.
But does that mean there is no way to ensure that all your investments continue to hold value?
Image Courtesy: TrueUSD by TrustToken
TrueUSD on Koinex — stable coin trade pairs
At Koinex, we are always looking forward to solving problems. With the absence of INR corridors, we began to find a suitable alternative to the stability of digital assets against fiat currency. After sincere efforts, we are glad to announce the introduction of TrueUSD (TUSD) as a stable coin on Koinex.
TrueUSD trading market will serve as an alternative to INR as a stable currency pair. You can redeem TUSD 1-for-1 for US dollars. This will have a huge impact on the otherwise disturbed crypto industry in India. Users will not only be able to trade against a fiat-backed stable coin but also hold digital assets earnings and profits in the form of TUSD.
There are several reasons why we believe TrueUSD is a more suitable alternative to Tether (USDT), Dai or Basis. For starters, TUSD has a fully audited and transparent escrow account which legitimises the circulating supply of the stable coin. While Dai or Basis are solid blockchain-based stable coin projects built over algorithmic banks, TUSD’s fiat-backing serves additional purpose. It also allows users, through its partnerships with various banks, to redeem TrueUSD for US dollars 1-for-1. While there are no banking partners for TUSD in India yet, users will find comfort in keeping their digital assets earnings in the form of a stable coin which eliminates the remotest possibility of value depreciation.
When times turn
We are confident that the adoption, acceptance and popularity of digital assets along with the widespread positivity around blockchain technology will eventually result into a favourable atmosphere in India. When times turn, which we believe can happen much sooner than expected, this small but significant move to introduce a stable coin corridor will prove to be an important stepping stone in nurturing of a blossoming ecosystem.
TUSD/INR, TUSD/BTC, TUSD/ETH and TUSD/XRP trading pairs will be live on Koinex from 1.00 PM on July 7, 2018. Deposits for TrueUSD will begin from 10.30 PM on July 6, 2018. TrueUSD trading market will go live next week.