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.
TrueUSD
Nice
Just another lousy way to add fees. You’ve got to be kidding me. How much is this going to cost me?
We do not charge a fee to convert funds. However, a spread will apply when converting funds to TUSD. You will be able to withdraw TUSD to an external TUSD wallet (network fees will apply) but you will be unable to deposit TUSD directly to your wallet as we do not support TUSD natively just yet.
Whether we love the idea or not, in my opinion, the real goal is gaining more and more public acceptance of the concept of crypto.
We are already in the crypto space right? Anything that makes the market grow is to our advantage, right?
Ease-of-use tools like this may help.
Anything that makes it easy for the non-crypto world to get into it and see it as an alternative to easily manipulated fiat works for me.
How will affect moving USD back to a bank account?
It will be the same as before when moving back to a bank account.
Can I withdraw TUSD into my US bank account?
yes. Contact support@abra.com with any issues.
Abra allowed me to move my very small amount of funds into TrueUSD but now tells me I am not able to make the transfer to My bank account. I funded from my account and from a 3 year ETH mining program. Why can’t I deposit TrueUSD to my USA Bank? Please instruct me on how to transfer my funds.
You should reach out to support@abra.com, they will help you figure out the issue.