We are excited to announce that we are adding the TrustToken’s TrueUSD to Abra app!
Here’s the TL;DR about Abra’s implementation of TrueUSD:
- What is TrueUSD? TrueUSD is a stablecoin and provides a great on- and off- ramp between the banking system and the cryptocurrency system.
- When will TrueUSD be available in Abra? TrueUSD will be available as a withdrawal option for US Abra users in the coming weeks. Abra’s TrueUSD will always be maintained at a 1:1 peg with the US dollar.
Why Abra is adding TrueUSD
Abra’s long-term vision is to fully leverage cryptocurrency technology to offer a full array of financial products and services for everyone all over the world.
TrustToken, the creators of TrueUSD is an example of a project that we think solves a real problem of bridging between cryptocurrencies and fiat currencies in a way that is stable, secure, and widely supported across exchanges.
TrustToken’s TrueUSD is emerging as a trusted stablecoin for a few reasons:
- TrustToken undergoes regular and transparent accounting audits to prove they have the collateral necessary to maintain the peg between TrueUSD and fiat USD.
- TrustToken also offers bank deposits and withdrawals such that anyone who undergoes their basic registration can exchange between TrueUSD and dollars.
- TrustToken has a strong reputation in both the cryptocurrency and traditional finance space and is backed by reputable investors and strategic partners.
Trust Token’s TrueUSD is quickly becoming the gold standard of cryptocurrency stablecoins — and that’s part of the reason that we are excited to be using TrueUSD as a way to make it easier to move money in and out of the Abra app.
What this means for you
The functionality for moving money in and out of Abra will remain seamless. All US-based users will still be able to move US dollars from a bank account or credit card into the app. Once the money arrives in a user’s wallet, it will already be converted to TrueUSD.
In addition to withdrawing funds from Abra into a traditional bank account, Abra users will now also be able to withdraw TrueUSD to a TrueUSD wallet (however, please note that for now, withdrawing TrueUSD is not yet natively supported, so users who want to withdraw to a TrueUSD wallet will have to pay a Bitcoin network fee and a partner exchange fees. Abra does not make any money from these fees).
Abra US users will now see TrueUSD under the “Crypto” heading in the “Manage Assets” menu of the app. US-based users who currently hold USD synthetic fiat currency balances will be automatically converted to TrueUSD.
Stay tuned for more to come — all of the current app changes are being made to make future products and services possible.
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Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
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Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
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