On June 27, TrueUSD announced joining the OKX ecosystem via Twitter. The tweet confirmed that the stablecoin would partake in the DeFi Earn program for TUSD staking. Users can earn up to 8% interest while staking with exclusive benefits from Compound Protocol.
TrueUSD is a simplified stablecoin built for transparency. The stablecoin was launched in 2018 and has distributed its USD holdings among different transparent trust-based bank accounts. For better transparency and reliability, the involved parties will release monthly reports about the holdings and conduct periodic audits.
The stablecoin does not rely on algorithms or hidden bank accounts to maintain its peg and the multiple escrow accounts help mitigate counterparty issues and offer full security against thefts. And what’s more, the token is developed to provide potential use cases to traders, cryptocurrency exchanges, mainstream commerce, developing markets, financial institutions, and financial contracts.
The recent deal with OKX and TrueUSD adds one more to the list. Users can stake TrueUSD under OKX Earn from June 27 at 8:00 UTC. As per the new staking announcement, traders can get up to 8% from on-chain returns from Compound Protocol and OKX subsidies.
The on-chain return from the Compound Protocol will be calculated daily to be distributed at the time of redemption. Compound Protocol is an autonomous interest rate solution that uses algorithms to help developers build DeFi apps. The protocol was developed based on the Compound Whitepaper from 2019 and is maintained by the community.
The returns for TUSD projects are received directly from the Compound Protocol. OKX will only be responsible for product launch and distribution of TUSD staking. However, OKX offers a 6.5% APY for Earn subscribers through daily rewards. The reward distribution is limited and will be subject to changes in product budget and subscriptions.
The TUSD stablecoin is subject to real-time audit by Armanino. Traders can check the audit reports beforehand to know about the staking reports and the reserve amount. It also helps with determining the price fluctuations based on market conditions.
The new TUSD staking can be accessed through both desktop and mobile devices. Users must navigate Grow – Earn – All Products and select TUSD, and mobile users can access Earn from the app’s Home screen and choose TUSD.
OKX, formerly OKEx, is one of the largest crypto exchanges in the market currently. With over a hundred tokens and currency pairs, the platform currently serves millions of users in more than 100 countries. The OKX BTC futures trade a whopping $1.5 billion every day. In addition to that, they also offer spot, margin, options, perpetual swaps, DeFi, lending, and mining services.