TrueUSD (TUSD) is a stablecoin that is pegged to the US dollar and backed by verified reserves. It was launched by TrustToken (now Archblock) in 2018 and has established partnerships with registered trustees and banks to ensure reliability. TUSD is available on multiple blockchain networks and is widely used in cryptocurrency exchanges and decentralized finance (DeFi) protocols. In this article, we will explore what TrueUSD is and provide a guide on how to buy TrueUSD with the Turkish lira (TRY).
What is TrueUSD (TUSD)?
TrueUSD is a cryptocurrency that aims to bring stability and transparency to the crypto market by being pegged to the US dollar. It was created as a response to concerns about the reliability and backing of other stablecoins, particularly Tether. The goal was to create a stablecoin that users can trust, achieved through regular verification of reserves and strong banking relationships. TrueUSD is fully collateralized, meaning that each token is backed by one US dollar. This ensures stability and reflects the value of the US dollar. The issuance and distribution of TrueUSD are managed through a smart contract on the TrustToken platform, which tokenizes real-world assets.
TrustToken, the original issuer of TrueUSD, now operates as Archblock. The platform has made significant efforts to ensure the reliability and trustworthiness of TrueUSD. One of its key features is the real-time verification of reserves. Third-party companies conduct these attestations, providing transparency and confidence to users that each TrueUSD token is backed by an equivalent amount of US dollars held in reserve. TrustToken has also partnered with registered trustees and banks to further enhance the stability and reliability of TrueUSD. These institutions are responsible for holding the assets backing the tokens. This partnership model not only provides security but also complies with regulatory standards, making TrueUSD credible to both individual users and institutional investors.
TrueUSD can be used on multiple blockchain networks, making it accessible and versatile. It is widely used for trading and transfers on cryptocurrency exchanges and various DeFi protocols. Its availability on different networks allows TrueUSD to seamlessly integrate into various financial ecosystems, providing liquidity and stability where needed.
How to Buy TrueUSD (TUSD) with TRY?
For investors in Turkey looking to buy TrueUSD, Binance TR is the most suitable cryptocurrency exchange. Binance TR offers a wide range of cryptocurrencies, including TrueUSD, and allows for quick account creation. Follow these steps to buy TrueUSD with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is simple. Visit trbinance.com and click on the “Create Account” option. In the first step, you will be asked to provide basic information such as your email address, phone number, name, date of birth, nationality, and T.C. identification number.
After entering the required information accurately, you will need to complete an email or SMS verification to confirm your details. Once this process is complete, you can proceed to the second step, which is identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification is a necessary security procedure that must be completed before starting cryptocurrency trading and during account creation. You can choose to complete the verification process using your phone or through Binance TR’s official website. Note that you will need your phone even if you choose to verify through the website.
On the Binance TR website, hover over the “Profile” option at the top right and click on “Identity Verification and Limits” from the drop-down menu. Then click on “Verify.” You will need to scan the QR code that appears using your phone’s camera to continue the process on your phone. If you are unable to scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.
Once you have entered the address on your phone or scanned the QR code, a screen will open on your phone. Tap on the “Identity” option to continue. Select the document type that suits you and follow the instructions to upload the front and back sides of your ID card or driver’s license. Finally, take a selfie to complete the verification process.
How to Deposit TL on Binance TR?
You can easily deposit TL to your Binance TR account from various banks. Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts allow for 24/7 deposits and trading. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST, while deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, go to trbinance.com and click on the “Wallet” option at the top left of the homepage. Then click on “Deposit” from the drop-down menu. Select your preferred bank and follow the instructions to make a transfer, EFT, or FAST to deposit the desired amount into your Binance TR account.
Once your bank completes the transfer process, the funds will automatically be reflected in your Binance TR account wallet.
How to Buy TUSD Coin on Binance TR with TL?
After depositing money into your account, click on the “Buy-Sell” option in the top left menu of the Binance TR website to proceed with the TL to TUSD coin purchase. On the following page, type “TUSD” in the search box and click on the TUSD/TRY option to go to the TL to TUSD purchase page.
On the TUSD trading page, enter the price at which you want to buy TUSD and the quantity you want to purchase. Then click the “Buy TUSD” button to complete your purchase.
What is Binance TR?
Binance TR is a cryptocurrency exchange launched by Binance, the world’s largest cryptocurrency exchange by trading volume, specifically for cryptocurrency investors in Turkey. The exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer trading services from fiat to crypto and crypto to crypto. Users in Turkey can easily deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR. The exchange provides market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities.
In conclusion, TrueUSD (TUSD) is a stablecoin that provides stability and transparency in the crypto market. It is fully collateralized and backed by regularly verified reserves. TrueUSD is widely used in cryptocurrency exchanges and DeFi protocols. To buy TrueUSD with TRY, investors can use Binance TR, which offers a user-friendly platform with a wide range of cryptocurrencies. Opening an account on Binance TR is easy, and the exchange provides convenient options for depositing and withdrawing Turkish lira. By following the provided steps, users can easily buy TrueUSD on Binance TR with TL. Binance TR is a reputable cryptocurrency exchange that offers advanced features and security measures to ensure a seamless trading experience for users in Turkey.
