TrustToken, the creator of TrueUSD, announced a strategic partnership with Cred, the leading platform of crypto-backed lending and borrowing services. Cred’s earning platform was chosen because of its significant experience with tokenized lending and borrowing, the team’s credibility and track record, having amassed over $300 million in lending capital and Cred’s significant customer base, with Cred customers now enrolled in over 127 countries. Through CredEarn, TrueUSD holders can earn up to 8% annualized interest on TrueUSD fully collateralized 1 to 1 with the US dollar. TrueUSD is now available on CredEarn worldwide including 29 US states, with no minimum investment amount and zero fees to participate.
“We are excited to partner with Cred as the trusted earning solution for TrueUSD users,” said Tory Reiss, Co-Founder and Head of Product and Business Development for TrustToken. “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. We’re happy to be advancing this mission together with the Cred team!”
To participate and earn interest on TrueUSD, holders can now send their TrueUSD funds to their CredEarn wallet and commit their funds for a period of six months. Interest is paid quarterly in TrueUSD, and users have the option to auto-renew for additional 3 months periods at the end of the term. Cred is focused on the safety and security of their customers’ funds, working with leading custody partners including Uphold, Bittrex Enterprise, and Ledger. Cred is 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.”