TrueUSD (TUSD), pegged to the US dollar, is a fully collateralized stablecoin with regularly verified reserves. Launched by TrustToken (now Archblock) in 2018, TUSD has partnered with registered trustees and banks to enhance reliability. TUSD is available on multiple blockchain networks and is widely used in cryptocurrency exchanges and decentralized finance (DeFi) protocols. This article answers two key questions: What is TrueUSD (TUSD), and how to buy TrueUSD (TUSD) with TRY.
What is TrueUSD (TUSD)?
TrueUSD is a cryptocurrency designed to provide stability and transparency in the crypto market, pegged to the US dollar. TUSD emerged as a response to concerns about the reliability and backing of other stablecoins, primarily Tether. The goal was to create a stablecoin that offers assurance to users through regular verification of reserves and strong banking relationships.
Launched in mid-2018, TrueUSD is a fully collateralized stablecoin. This means each TUSD token is backed by one US dollar. This backing ensures that TUSD’s value remains stable and reflects the value of the US dollar. The issuance and distribution of TUSD are managed through a smart contract on the TrustToken platform, designed to tokenize real-world assets.
TrustToken, the original issuer of TUSD, now operates as Archblock. The platform has made significant efforts to ensure TUSD remains a reliable and trustworthy stablecoin. One of TUSD’s key features is the real-time verification of its reserves. These attestations are conducted by third-party companies, providing transparency and confidence to users that each TUSD token is indeed backed by an equivalent amount of US dollars held in reserve.
To further ensure TUSD’s stability and reliability, TrustToken has partnered with registered trustees and banks. These institutions are responsible for holding the assets backing TUSD tokens. This partnership model not only provides security but also complies with regulatory standards, enhancing TUSD’s credibility in the eyes of both individual users and institutional investors.
TrueUSD can be used on multiple blockchain networks. This makes it accessible and versatile. It is widely used for trading and transfers on cryptocurrency exchanges and various DeFi protocols. This multi-network availability allows TUSD to seamlessly integrate into different financial ecosystems, providing liquidity and stability where needed.
How to Buy TrueUSD (TUSD) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to buy TrueUSD (TUSD). On Binance TR, where accounts can be quickly created, over 100 cryptocurrencies, including TUSD, can be traded. Follow these steps to buy TrueUSD (TUSD) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Visit trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identification number.
After entering the requested information completely and accurately, an email/sms verification will be conducted to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify Your Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to complete the verification process from 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, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, click on “Copy URL” to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap on the “Identity” option to continue.
Next, a screen like the one below will appear. To continue with the verification process, first select the document type that suits you.
After selecting the document type, tap on “Upload Front” to continue. After taking a photo of the front side of the document you selected, tap on “Upload Back” and take a photo of the back side of the document. Ensure that the images are clear and the information in the photos is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then tap on the “Selfie” option to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Ensure that your face fills the camera area as much as possible when the camera opens.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL to your Binance TR account from all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click on “Deposit” from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy TUSD Coin on Binance TR with TL?
After depositing money, click on the “Buy-Sell” option in the top left menu of the Binance TR website to proceed to the TL to TUSD coin purchase step.
After clicking on this option, the following page will open. On the right side of this page, type “TUSD” in the search box and click on the TUSD/TRY option from the results to go to the TL to TUSD purchase page.
Now the following TUSD trading page will open. On this page, in the red-marked area, you need to enter the price at which you want to buy TUSD in the first box and the number of TUSD you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy TUSD” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency 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 seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities through Binance TR.
