Support TUSD as collateral on Venus on ETH Mainnet

Rationale

TrueUSD (TUSD) is the first USD-pegged stablecoin with live on-chain attestations by independent third-party institutions.

In recent years, TrueUSD (TUSD) has carved out a greater niche in the stablecoin market, increasing its market share and total market capitalization quickly. TrueUSD’s significant growth trajectory emphasizes its expanding position in the market. Especially, TUSD is a well-established and widely recognized stablecoin in the DeFi world. The liquidity of TUSD on Ethereum amounts to 389,997,401 with 51,634 holders at the moment.

In an effort to enhance the transparency and trustworthiness of stablecoins, TrueUSD has taken a significant step forward by integrating Chainlink’s Proof of Reserve (PoR). This move positions TUSD as the first USD-backed stablecoin to incorporate a real-time and programmatically controlled minting system and ensures uninterrupted, on-chain verification of off-chain USD reserves.

Furthermore, TUSD has collaborated with leading accounting firm Moore Hong Kong to provide daily attestation services and reports for its reserves. MooreHK is part of Moore Global, a renowned accounting and consulting firm with over 100 years of experience.

TUSD’s enhanced transparent reserves reporting is accessible across 11 blockchain networks, including major ones like Ethereum and BNB Smart Chain and on over 70 cryptocurrency exchanges. Interested users and institutions can check TUSD’s ChainLink PoR Oracle and audit report.

Motivations

It has been a long time since TUSD was added to Venus and it performed well as a collateral. Thus, TUSD’s large user base would very much like to be able to use the Venus lending and borrow assets on ETH. Furthermore, supporting TUSD as collateral would also enhance Venus Protocol’s overall liquidity and trading volume.

Conclusion

Adding support for TUSD as collateral on Venus on ETH Mainnet would provide users with access to a wider range of investment opportunities, to the most liquidity world on Ethereum, and enhance the trading volume on the platform.