Volatility is one of the biggest problems associated with cryptocurrencies, impeding adoption in mainstream outlets. Most of the current payment systems have to give the option of immediate liquidation to crypto merchants so the volatile nature of cryptocurrencies doesn’t affect their earnings.
But recently, tokens pegged with fiat currencies are increasingly being developed that can offer a way to “mainstream” cryptocurrencies.
TrueUSD, a USD-backed cryptocurrency has announced that its has partnered with HybridBlock’s Hybrid Exchange, a cryptocurrency exchange and Base Trade, a crypto platform that can allow users to buy or sell cryptocurrency in a few easy steps. This application of a fiat-backed cryptocurrency is seen as a major development in the crypto world.
The HybridBlock-TrustToken Partnership
TrustToken is one of the pioneers in the business of creating fiat-backed cryptocurrencies, and got a boost after getting its coin listed on Binance, one of the largest cryptocurrency exchanges in the world.
The coin’s market cap was around $33 million within three months of its inception. For HybridBlock, it is welcoming news as the exchange and trading company enters its first public token generation event.
According to TrustToken’s CTO and co-founder Rafael Cosman:
“With TrueUSD, we set out to build a trustworthy stablecoin. We appreciate that HybridBlock sees the value that TrueUSD will provide to traders on BaseTrade. The HybridBlock team is showing responsibility and a long-term view in meeting their community’s needs.”
While HybridBlock’s Co-founder Apolo Ohno was of the opinion:
“TrustToken and TrueUSD are a world class team and product. We are very excited to integrate TrueUSD within the HybridBlock ecosystem as one of the top stablecoin solutions for traders globally.”
TrustUSD’s Functionality Within the HybridBlock Ecosystem
TrustUSD is a “stablecoin” and it provides traders with the option of legally enforceable escrow agreements. Every TrustUSD is backed by its equivalent USD amount in collateral that can be purchased or redeemed directly on the exchange.
TrustUSD will be used on the new HybridExchange as a base pairing that will allow an option against market volatility, especially for intermediate traders.
In addition to just using USD like other cryptocurrency exchanges, the new system will be used to pair the currencies with TrustUSD cryptocurrency that will be backed by dollars. Pairs will include BTC/TUSD, ETH/TUSD, LTC/TUSD, XRP/TUSD and the native HYB/USD.
On BaseTrade, HybridBlock’s other application, the TUSD coin will be used as an initial token that can be distributed to traders via wire transfers. Once accounts are fully loaded with the TUSD, users will then be able to buy/sell all major cryptocurrencies against the TUSD token. HybridBlock will thus be the first exchange to use a stablecoin to allow a reliable transition from fiat to cryptocurrencies.
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