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TrustToken, the creator of stablecoin “TrueUSD,” has announced its partnership with crypto lending startup Cred.
With this partnership, TrueUSD is now available on CredEarn – a financial product that offers owners of digital assets the opportunity to earn interest on their stablecoin holdings. According to the official release, TrueUSD is available on CredEarn worldwide including 29 U.S. states, with no minimum investment amount and zero fees to participate.
“Through CredEarn, TrueUSD holders can earn up to 8% annualized interest on TrueUSD fully collateralized 1 to 1 with the US dollar,” the release said.
To participate and earn interest on TrueUSD, holders can send their TrueUSD funds to their CredEarn wallet and commit their funds for a period of six months. Interest will be paid in TrueUSD on a quarterly basis and users will have the option to auto-renew for additional 3 months periods at the end of the term.
“Over the last year, we’ve been focused on building the bridge between traditional finance and the digital asset ecosystem, with TrueUSD as the first proof of concept. As we move into our second year of operation, our goal is to provide more valuable opportunities to utilize these assets,” Tory Reiss, Co-Founder and Head of Product and Business Development for TrustToken, said.
Cred is a decentralized global lending and borrowing platform that allows stablecoin issuers, exchanges and wallets to provide valuable earn and lending services worldwide. It is working with leading custody partners including Uphold, Bittrex Enterprise, and Ledger. Cred has also partnered with insured custody providers such as BitGo which insures customer assets up to $100 million.
“We are happy to be partnering with TrustToken to allow their holders to put TrueUSD to work,” said Dan Schatt, Cred Co-founder & President. “Cred’s mission is to offer more equitable, inclusive financial services using blockchain technology and we’re thrilled to make TrueUSD a part of Cred’s supported assets.”
