TrustToken’s Stablecoin Now Available On Cred’s Crypto Earning Platformbr>
Based in San Francisco, TrustToken is a platform for tokenizing fiat currencies and real-world assets. It offers full collateral, regular auditing and legal protection for token-holders to redeem its stablecoin, called TrueUSD, for fiat currency. TrueUSD, an ERC-20 token and stablecoin that’s pegged to the value of the US dollar, is the first token on TrustToken’s TrueCoin service and uses modern custodial and escrow agreements to provide security for token-holders.
Founded by former PayPal financial technology veterans, Cred is a decentralized global lending and borrowing platform that allows stablecoin issuers, exchanges and wallets to provide valuable earn and lending services worldwide.
Under the partnership, TrueUSD will be listed on CredEarn, a product launched by CRED that allows users to earn interest when they loan their digital assets to CRED. Through CredEarn, TrueUSD holders can earn up to 8% annualized interest on TrueUSD fully collateralized 1 to 1 with the US dollar.
To participate, holders will have to send their TrueUSD funds to their CredEarn wallet and commit their funds for a period of six months. Interest is paid quarterly in TrueUSD, and users have the option to auto-renew for additional 3 months periods at the end of the term. There is no minimum investment amount and zero fees to participate.
“We are happy to be partnering with TrustToken to allow their holders to put TrueUSD to work,” said Dan Schatt, Cred Co-founder & President. “Cred’s mission is to offer more equitable, inclusive financial services using blockchain technology and we’re thrilled to make TrueUSD a part of Cred’s supported assets.”
According to TrustToken, Cred’s earning platform was chosen because of its significant experience with tokenized lending and borrowing, the team’s credibility and track record, having amassed over $300 million in lending capital, and Cred’s significant customer base.
“Over the last year, we’ve been focused on building the bridge between traditional finance and the digital asset ecosystem, with TrueUSD as the first proof of concept,” said Tory Reiss, Co-Founder and Head of Product and Business Development for TrustToken. “As we move into our second year of operation, our goal is to provide more valuable opportunities to utilize these assets. We’re happy to be advancing this mission together with the Cred team!”