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CoinMarketCap Research Releases Report on TrueUSD: Market Share Increased by 238% in 2023

Chainwire · Feb. 7, 2024 at 12:29 pm UTC · 1 min read
CoinMarketCap Research Releases Report on TrueUSD: Market Share Increased by 238% in 2023

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Dubai, UAE, February 7th, 2024, Chainwire – CoinMarketCap Research released a report on TrueUSD (TUSD), the USD-pegged stablecoin that offers live, on-chain attestations of its reserves by independent, third-party accounting firms.

The report highlighted that TUSDโ€™s market share in the stablecoin sector increased by over 238%. In 2023, TUSDโ€™s market share increased from 0.53% to 1.79%, and TUSD’s total market capitalization rose from $799.31 million to $2.31 billion within that same timeframe. This growth emphasizes its expanding position in the market.

The report also dives into a key distinguishing factor of TUSDโ€™s transparency, where TUSD provides live, on-chain attestations of the reserves backing the stablecoin. The reserve data is โ€‹โ€‹compiled by an independent, U.S.-based accounting firm, The Network Firm LLP. The stablecoin will also receive daily attestation and reports In late January 2024 by MooreHK, the Hong-Kong arm of leading accounting firm Moore Global. TUSD has also integrated Chainlink’s Proof of Reserve (PoR) technology, making TUSD the first USD-backed stablecoin to incorporate real-time verification of off-chain USD reserves.

Read the full report here:ย https://coinmarketcap.com/academy/article/everything-you-need-to-know-about-trueusd-tusd

ABOUT COINMARKETCAP

CoinMarketCap is โ€˜Home Of Cryptoโ€™, the world’s most trusted cryptocurrency data authority. Its mission is to accelerate the crypto revolution by organizing the worldโ€™s crypto intelligence and making it easily accessible to all.

 

Contact

CMC Research
Alice Liu
CoinMarketCap
[email protected]

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