[PRESS RELEASE – Dubai, UAE, February 7th, 2024]
CoinMarketCap Research released a report on TrueUSD (TUSD), the USD-pegged stablecoin that offers live, on-chain attestations of its reserves by independent, third-party accounting firms.
The report highlighted that TUSD’s market share in the stablecoin sector increased by over 238%. In 2023, TUSD’s market share increased from 0.53% to 1.79%, and TUSD’s total market capitalization rose from $799.31 million to $2.31 billion within that same timeframe. This growth emphasizes its expanding position in the market.
The report also dives into a key distinguishing factor of TUSD’s transparency, where TUSD provides live, on-chain attestations of the reserves backing the stablecoin. The reserve data is compiled by an independent, U.S.-based accounting firm, The Network Firm LLP. The stablecoin will also receive daily attestation and reports In late January 2024 by MooreHK, the Hong-Kong arm of leading accounting firm Moore Global. TUSD has also integrated Chainlink’s Proof of Reserve (PoR) technology, making TUSD the first USD-backed stablecoin to incorporate real-time verification of off-chain USD reserves.
Read the full report here: https://coinmarketcap.com/academy/article/everything-you-need-to-know-about-trueusd-tusd
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CMC Research
Alice Liu
CoinMarketCap
alice.l@coinmarketcap.com
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