Swap TUSD at the Best Rate

What is TUSD?

TUSD is a centrally issued claim on US dollars. TrustToken launched it in March 2018 and marketed it as the first stablecoin with independent, legally enforceable attestations of its backing. On Ethereum it lives at a vanity address beginning with ten zeros, behind an upgradeable proxy contract whose logic the issuer can replace.

Operational control changed hands in stages. TrustToken announced in December 2020 that TUSD had been sold to Techteryx, an Asia-based consortium, and Techteryx took over minting, redemption, compliance and customer onboarding on 13 July 2023. TrueUSD is also issued natively on Tron, Avalanche and BNB Smart Chain; this page describes the Ethereum deployment.

How TUSD works

Verified customers wire dollars to the issuer's banking partners and receive newly minted TUSD; redemption burns the token and wires dollars back, with a stated minimum of 1,000 dollars per redemption. Everyone else buys and sells the token on the open market, where arbitrage against that mint-and-redeem window is what holds the price near a dollar.

Backing is reported through daily attestations prepared by Moore Hong Kong and published on the project's transparency page, and the Ethereum contract checks a Chainlink proof-of-reserve feed at mint time so new tokens cannot be created beyond attested reserves. An attestation is a point-in-time report over figures management supplies; it is narrower than an audit, and these reports value some reserve assets at cost.

TUSD supply and tokenomics

There is no supply schedule. TUSD is minted when customers deposit dollars and burned when they redeem, so circulation tracks demand for the token rather than any plan. What matters to a holder is not the amount outstanding but whether the reserves behind it are liquid, which is exactly what the token's documented troubles have been about.

Who builds TUSD

TrustToken, later renamed Archblock, built TUSD in San Francisco; Techteryx, an offshore company whose ownership is not public, has operated it since 2023. In September 2024 the SEC settled charges against TrueCoin and TrustToken, alleging they had marketed TUSD as fully dollar-backed while investing a substantial portion of reserves in a speculative offshore fund; the firms paid civil penalties without admitting or denying the allegations.

How TUSD is governed

There is no token-holder governance. The issuer decides who may mint and redeem, selects banking and custody partners, and controls the token contracts. The Ethereum contract supports blacklisting addresses, and its proxy design means the issuer can upgrade the token's logic at any time.

What people use TUSD for

TUSD is used as an on-chain dollar: a quote and settlement asset on exchanges, a stable leg in pools, and a parking place between trades. Its deepest usage has been in Asia and on Tron, and for a period in 2023 Binance made BTC to TUSD its zero-fee bitcoin pair, which pushed the token's turnover ahead of much larger stablecoins.

TUSD risks and considerations

The risks concentrate in reserve quality and issuer opacity. Court filings reported in April 2025 describe roughly 456 million dollars of TUSD reserves stuck in illiquid vehicles connected to the Aria fund group, with Tron's Justin Sun providing emergency liquidity structured as a loan while recovery litigation continues in Hong Kong and Dubai.

Regulatory standing differs by region: TUSD is not authorized under the EU's MiCA regime, and Binance delisted its spot pairs for European Economic Area users at the end of March 2025. The contract-level powers are also real: the issuer can freeze addresses and replace the token's logic. Weigh the daily attestations against that documented history.