One of the largest cryptocurrency exchanges in India, Zebpay, has enabled Trueusd (TUSD) trading, deposits and withdrawals. The dollar-pegged stablecoin is offered as an alternative to fiat trading which is problematic under the Indian central bank’s ban.
Zebpay Enables Trueusd
Mumbai-headquartered cryptocurrency exchange Zebpay has announced the addition of Trueusd (TUSD) trading, deposits and withdrawals going live, starting today, August 6, 2018. Trueusd is part of the recent torrent of so-called stablecoins to have hit the market as fears around the performance of Tether (USDT) refuse to die down.
According to its promoters, each TUSD can be redeemed 1-for-1 for US dollars. Trust Token is said to partner with registered banks and fiduciaries to securely hold the funds backing the tokens. And for increased security, the banks and fiduciaries handle all funds directly. Moreover, the Trueusd system supposedly does not handle or even have access to the escrowed funds. Any institution or individual with a verified True Coin account that passes a KYC/AML check can redeem TUSD for USD.
INR-Crypto Trading Alternative
Indian exchanges have been looking for creative ways to stay in business ever since the country’s central bank, The Reserve Bank of India, enforced a ban on all financial institutions under its control from providing services to companies dealing in cryptocurrencies. They have been doing this mainly by stopping fiat support and ramping up peer-to-peer and crypto-to-crypto trading. Zebpay itself launched crypto-to-crypto trading pairs back in April.
Explaining the situation to their clients, the team stated: “We are amidst the phase where our industry in India is facing an unprecedented situation. The recent events led to pausing the INR transactions. Traders across India are curious to find an alternative to INR-crypto trading. At Zebpay, we are working to resolve any trading limitations. As one of the best possible solution, we welcome TUSD as an INR alternative on Zebpay exchange. Being a stable coin, Trueusd is secure to invest and trade in the cryptocurrency market.”