The days where Bitcoin dominates the cryptocurrency betting industry may be over, with a wide range of other crypto options now open for punters to use. This gives an even better service to those taking part and should also build the popularity of some of the other names we see within the industry.
TrueUSD crypto is one of the currencies that are now available for those who wish to spend something other than Bitcoin on their betting. If you’ve acquired some in a trade or invested at the beginning and you are now looking to cash out and spend, sports betting with TrueUSD offers you the chance to do this.
Those who find a bookmaker that offers TrueUSD betting should certainly look out for bonuses and promotions that can be used. We have seen these with many different cryptocurrencies, and bookmakers continue to create and offer them to punters.
There are two big reasons why people turn to crypto betting. The first is anonymity and the second is the ability to place larger wagers than you would be able to with a traditional bookmaker. If you need these, the good news is that with TrueUSD, you will be able to take advantage of both as you bet.
TrueUSD (TUSD) is a USD-backed ERC20 crypto launched by the TrustToken company in 2018. The stablecoin is completely backed and transparently verified by third-party financial auditors. TUSD was the first asset issued on the TrustToken platform, where other fiat-backed tokens can be created and released on the market.
There are two main processes that take place with TrueUSD, namely, the buying and redeeming of TUSD coins. To make this work, TrustToken is partnered with a number of trust companies that already handle billions of dollars. Users have to pass a KYC/AML verification procedure, and then they are able to send USD to a trust company and establish an escrow agreement. After the funds have been verified, their API executed TrueUSD’s smart contract to deposit the amount of equivalent TUSD in the user’s Ethereum wallet.
The redeeming process also involves a KYC/AML check, which executes the smart contract from the registered Ethereum address that removes and burns the coins from the wallet, after which the escrow bank deposits the USD in your bank account. By using multiple escrow accounts, the TrueUSD system reduces counterparty risk and is not able to directly access the funds. The trust companies handle the incoming and outcoming capital from users through escrow accounts.
All TrueUSD coins are always fully collateralized by USD, at a 1:1 parity between the TUSD in circulation and the USD held in the escrows.
TUSD was the first stablecoin launched on the Ethereum blockchain. The coin makes use of an escrow system, which consists of several accounts in order to prevent any fund misappropriations from the trust companies that manage the reserves. TrustToken has been licensed to operate in the U.S., with TUSD being the first regulated stablecoin to be issued in the U.S.
A notable benefit of TUSD is its security. TrustToken’s smart contracts have been independently audited three times by different companies, with no issues to be reported. But TrustToken cannot directly access the user funds that are kept in reserve, as the money is held in an independent escrow account.
The downside is that users looking to buy or redeem TUSD from TrustToken have to go through a Know Your Customer (KYC) and Anti-Money Laundering (AML) procedure and provide personal documents. The coin is also completely centralized, which also raises some concerns regarding how it is controlled.
TUSD can be used to bet and gamble just like any other crypto on sports betting sites. From the ERC-20 compatible Trueusd wallet in which you have stored your stablecoins, you can initiate a deposit to move the coins to your betting balance. You will have to put as the recipient address the one stipulated by the betting on their site.
In order to withdraw, provide your external address where you want your betting earnings to be moved and wait for the bookmaker to confirm your withdrawal request. The transactions are executed over the Ethereum network from public address to public address.
There are probably under a dozen betting sites that support TUSD as a payment option. The most common places where you will find TrueUSD listed is most likely on crypto-only bookies where there aren’t any fiat options. In crypto bookmakers rating you will find best crypto-only bookies.
In terms of regulations and transparency, TUSD is verified and backed by the proper security firms and authorities. Moreover, TrueUSD is actually much better viewed in the crypto community than Tether, which is plagued with a lot of doubt and controversy.
It is worth mentioning that TUSD is completely centralized crypto, which means that if TrustToken believes you have broken their terms and conditions or any laws or regulations, they could freeze your account or even confiscate your tokens. For example, if you opt to play online with TUSD in a jurisdiction where it is illegal to gamble online with cryptos, then the company behind TUSD is able to track and see where the coin has been used and block the funds in your TUSD wallet. But suppose you are playing in a country where crypto sports betting is either in a grey area or allowed, there should be no problems betting with TrueUSD. Most crypto sites implement a provably fair policy as a mechanism for generating randomness of game results.
TUSD can be bought on TUSD exchanges, including Binance, Bittrex, Huobi, HitBTC, Gate.io, OKEx, Bithumb, and many others. As it is based on the ERC20 protocol, there are plenty of wallets that support the coin. TrueUSD is traded against big and small capped coins, with a propensity for BTC, ETH, and USDT pairs. Even though there are not many fiat options, 8 exchanges support the conversion of TUSD into USD, namely Bitfinex, Bittrex, Exrates, Sistemkoin, AlterDice, Crex24, COSS, and OKCoin. There is only one KRW pair on Cashierest.
You will need first to create an account on an TUSD exchange that supports your desired pair (tusd to btc, tusd to eth and etc). Then, you will have to pass a KYC procedure, whether you buy the TUSD from TrustToken’s website or other platforms. Transfer how much cryptos you want to use for buying the coins and confirm your buy order. You will then have to wait for the coins to be deposited into your true usd wallet.
TUSD is a reliable coin to use if you want to store your funds into a trueusd crypto that has the least amount of fluctuation (as its value is tied to that of the US dollar), but as a payment option for online sportsbooks, it is not recommended because there are very few places in which you will be able to use the coin.