Monarch Wallet Adds Support for TrueUSD (TUSD) After Tether Scare
Monarch Blockchain Corporation adds support for the fully auditable stable-coin, TrueUSD (TUSD) to the Monarch Wallet. Monarch Blockchain Corporation, the developer of the ultimate payment solution for both businesses and consumers, has added support for TrueUSD (TUSD) on the Monarch Wallet. This comes at a very important time in 2018’s “crypto winter”. Many cryptocurrency theorists believe that the implementation of Bitfinex’s Tether (USDT) could be one of the main reasons for the crash in early 2018 as it gave a very easy way to “cash out” of BTC in the massive ramp. Tether claims that it has a reserve of US dollars in a 1:1 ratio despite users not being able to convert TUSD to USD directly When Tether was asked for audits several times, no formal audits were ever shown, just balances of xxxxxxxxx shown in their wallet. This has created a level of uncertainty to the community when USDT has a market cap of over $2.5 billion.
“Tethers are not money and are not monetary instruments. There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.”
-Tether ToS 2017 and prior
Following the news that Noble Bank no longer services Tether or Bitfinex on October 2nd on CoinTelegraph.com, you can see on the chart below that Tether has not returned back to $1.00 since the news. This created a ripple effect as traders held a mass selloff of hundreds of millions of dollars of Tether on October 15th. Binance temporarily stopped TUSD transactions when TUSD crashed to a low of $0.87, a massive fluctuation outside the $1.00 mark.
Several stablecoins have recently been released such as TUSD (True USD), GUSD (Gemini’s Stable Coin), PAX (released by Paxos). Monarch Blockchain Corporation did thorough due diligence and research before the decision to support TrueUSD (TUSD) on the Monarch Wallet. Wallet currently supports Bitcoin, Ethereum, Stellar (XLM) TrueUSD (TUSD), Ripple (XRP), and all ERC20 tokens. As Monarch Blockchain Corporation gears up its Merchant Plugin for online businesses to accept cryptocurrency, it must select only the best forms of currency to support. Having partners as large as Trading View, Polymath, Blockchain Terminal, and Genesis Vision, it is Monarch’s fiduciary duty to support the currencies that will have the most long-term success.
“After careful consideration, we wanted to add a stable coin for our users to use to help combat volatility. We recently added TrueUSD because of their banking partners and track record of stability. After seeing what happened with Tether this week, our users are very happy with our decision. Until we have a true stable coin that is truly pegged to the US dollar with minimal price changes, we will not have mass adoption or reasons for people to use cryptocurrency for goods and services in lieu of fiat.”
-Robert Beadles, President of Monarch Blockchain Corporation