TrueCAD – the latest stablecoin of TrustToken was released, backed by Canadian dollar. Besides, TrustToken also created other stablecoins, such as TrueUSD (U.S. dollars), TrueGBP (British pounds) and TrueAUD (Australian dollars) and they are also tied to their associated fiat assets at a price ratio of 1:1.

According to TrustToken, the coin is available for crypto users to do transactions on the TrustToken app. Furthermore, they are expected to be listed on the exchange “over the coming weeks and months,” since there are some products available to be traded on top exchanges such as Binance, Huobi, and OKEx.

A stablecoin can be pegged to currency, or to exchange-traded commodities (such as precious metals or industrial metals). TrustToken also refers to these facts about TrueCAD: “We wanted a simple stablecoin, without the need to trust some company’s hidden bank account or special algorithm. […] Our open source smart contracts ensure a 1:1 parity between TrueCAD and CAD in the accounts.”

In 2019, TrueCAD and TrueAUD are the first two of four new stablecoins backed to national currencies. After these two, TrueEUR and TrueHKD, for Euro and Hong Kong dollars will be released on the further agenda.

Lately, the Tether stablecoin USDT was revealed not backed 1:1 with U.S. dollars in reserve asset. Zoe Phillips – Morgan Lewis firm lawyer note that it only has three-quarters USD backed.