USDT vs TUSD | Digital to Fiat Currency | Who is Better Than Who

Backed by USD, Tether is becoming a substitute for fiat currencies as company offers value of $1 for each of its digital tokens. Due to its stable positions, USDT has become a tax saver cryptocurrency as many crypto-traders have been buying tether with the profits made in other cryptos. USDT seemed to be a good deal until the company started hiding its auditing part. Company fired its auditor before the first audit was expected to release.

Due to the controversies arising for USDT, A new company showed up in the market known to be TUSD which stands for TrueUSD. TUSD claimed to have better specs that USDT. Company spreads their message via its website that “We wanted a simple stable coin, without the need to trust some company’s hidden bank account or special algorithm. Our legal framework enables you to exchange USD directly with a escrow account – we never touch the funds’’. TrueUSD provides stable currency with 1 to 1 parity. With all these features including financial services and exchanges, TUSD gives a tough competition to the older USDT.

In case of positions, Tether still holds one in the largest and most advanced cryptocurrency trading platform i.e. Bitfinex which has been ranked fifth cryptocurrency exchange by coinmarketcap. Also, Company added 300 million new tokens recently which eventually caused inflation in BTC prices. On the other hand, TUSD has been live on Bittrex which is another famous Crypto-trading platform and is fully collateralized. Another interesting aspect of TrueUSD is that, When the KYC and wire funding process is done by the user, He becomes owner in escrow account in which the funds are sent. On the other side, When the controversies arose USDT was told to reform their KYC/AML procedures even though they had enough cash reserves to match their tokens in a Puerto Rican bank. If stability is observed, USDT has been a little volatile due to its huge decisions and market movements. In first month of 2018, Tether issued tokens worth $1 Billion and the demand for it hyped in the same month which led to a higher price i.e. 1.03 USD. In fact,  Tethers are the second most traded asset on the market, with more than 14% of total trading volume. Even though USDT owns tokens worth 2.1 billion, TUSD still stays in front with a total supply of more than 4.7 billion tokens. TrueUSD may seem do be stronger but it is just a few weeks old and has not yet proven itself to be worthy.

Despite of controversies and different mechanisms, Both USDT and TUSD serve the same purpose i.e. serving as a substitute. But tokenizing US dollar may get both of the cryptocurrencies in a huge legal trouble. It may or may not be true that USDT hid its funding but such cryptocurrencies are highly appreciated by some traders. And there also exist others who do not feel safe investing in such ventures and are against investing into these cryptocurrencies.

Please share your opinions. Your suggestions are most welcomed.

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