The firm behind the TrueUSD(TUSD) stablecoin, TrustToken has signed a collaboration with the leading crypto exchange Binance according to the new press release shared on June 4. The main purpose of the latest merger is to allow buying and redeeming of stablecoins.
As per Cointelegraph, the collaboration is “bringing a direct fiat-to-crypto onramp/offramp to Binance” especially to all the users who have registered in the TrustToken app. The TrustToken spokesperson stated that Binance has also registered Paxos standard (PAX) stablecoin.
The Spokesperson further ensured that:
“At this time only TrueUSD is technologically capable of allowing users to purchase and redeem directly from their exchange wallets once they've registered in our app.”
Speaking about this partnership, co-founder and CEO of TrustToken said;
"We are excited to be working with Binance to make it significantly easier for users to move in and out of cryptocurrency markets. […] Moving between crypto and fiat markets is still a major pain point for many of our users. We have listened to what the market wants, and will be rolling out many more solutions to easily purchase and redeem TrueUSD partnership with Binance is a major step in this direction."
Binance CEO Changpeng Zhao said about this collaboration:
“We’re excited to be working with TrustToken to make purchasing and redeeming stablecoins both easy and secure.”
The latest merger provides the user to easily move in and move out of TrueUSD. The users of the platform can secure TrustToken web app and also redeem their TrueUSD.
Before a month, TrustToken introduced a new stablecoin known as TrueCAD. The value of the stablecoin is associated with the Canadian dollar. The firm is currently generating stablecoins like TrueUSD, TrueGBP, and TrueAUD. As per the reports, the users of the stablecoin are allowed to hold four stablecoins in the app.
Yesterday, Binance's Cheif Financial Officer said Bloomberg that the exchange will issue stablecoins within the next two months. Before a few days, Binance stated that it is testing British pound-backed stablecoin.