Zebpay India Launches TUSD Trading on its Platform
Zebpay, a top major digital currency exchange operating in India, has just launched Trueusd trading on its exchange platform. As a stablecoin linked to the USD, it provides a steady replacement to fiat currency trading considered an issue by India’s central bank and a violation of its ban.
Zebpay, operating out of Mumbai has just revealed the latest listing on its platform, Trueusd (TUSD) and has launched trading with the stablecoin, as well as the ability to deposit and withdraw on the 6th of August. TUSD is one of many stablecoins that have been released to the market as a means of lowering worries and concerns regarding Tether continue persisting.
As those behind TUSD have stated, each coin is worth exactly one USD and has been reported to collaborate with centralized financial institutions and several trustees to safely store and protect the TUSD supporting funds.
All banks and trustees involved manage asset security directly and oversee their storage. Additionally, TUSD does not possess any means of achieving escrow and any TUSD authenticated user and possessor may redeem the token for dollars after completing a know your customer and Anti-Money Laundering check.
Recently, exchanges all over the country have been seeking alternative approaches to conducting their operations within its borders following a strict ban on all digital currency-related business by the RBI. According to reports, P2P and crypto-crypto trading have skyrocketed in traffic due to the lack of any backing for fiat currencies. The company itself was also one the launching platforms for crypto-crypto trading this year following the ban.
As Zebpay has explained, the company is currently undergoing a unique issue for the first time in terms of the Indian-crypto industry. As part of the ban, the national currency has been restricted from trades related to cryptocurrencies and many are looking for another approach to achieve fiat-crypto transactions. According to the company, adding TUSD to its platform is the right and logical step in the meantime and due to being a stablecoin, it will provide safer and more protect trading within the digital market.