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Canadian Dollar backed Stablecoin Launched by TrustToken

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As per reports, TrustToken has come out with its latest stablecoin dubbed TrueCAD on May 1. The token is the latest in TrustToken’s line of currency backed stablecoin with its value linked to the Canadian dollar.

Also, TrustToken has developed various other stablecoins like TrueUSD (value linked to USD), TrueGBP (value linked to GBP) and True AUD (value linked o AUD) and each stablecoin is backed at a ratio of 1:1 along with their correlated fiat currencies.

As of now, holders are eligible to use these four stablecoins on the TrustToken app and can also expect these stablecoins to be listed on exchanges “over the coming weeks and months.” according to TrustToken, a variety of their products are already being traded on various top crypto exchanges such as Huobi, OKEx, and Binance.

Stablecoins essentially are digital tokens which are primarily backed by an asset such as currency or mineral or by the use of an algorithm are stabilized. Furthermore, stablecoins can have a variety of forms and don’t really need backing from tangible assets.

According to TrustToken “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.”

Out of the four, TrueCAD and TrueAUD are new stablecoins which are attached to national currencies that will be released in 2019. Moreover, in the pipeline for 2019, TrueEUR and TrueHKD for euro and Hong Kong dollars.

Recently, in court documentation, lawyers confirmed that the Tether stablecoin USDT is not backed with the United States dollar in the ratio of 1:1. Zoe Phillips – a member of law firm Morgan Lewis said that only 3 quarters of the Tether reserves are backed by USD.

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