ChainCatcher Space Review: A conversation with Yvonne Chia, head of communications at TrueUSD, about the future trends of stablecoins

Interviewer: ChainCatcher

Guest: Yvonne Chia, Head of Communications, TrueUSD

Since the beginning of 2024, the market value of stablecoins has increased by more than US$30 billion, exceeding US$160 billion from US$130 billion at the beginning of the year. As of June 7, the total market value of stablecoins has exceeded US$161.1 billion.

The rapid growth of the market value of stablecoins shows that stablecoins are increasingly accepted by the mainstream financial community, and their demand and popularity are also increasing.

In April this year, rating agency Standard & Poor's stated that if the stablecoin bill recently proposed by the U.S. Senate is passed, it may encourage banks and other traditional financial institutions to enter the stablecoin market, bringing new opportunities to the development of stablecoins. opportunity.

Stablecoins in the crypto world are gradually being adopted by the mainstream world. With the introduction of regulatory policies, they will enter a new stage of deeper integration with traditional finance.

TUSD (TrueUSD) was once the fastest-growing dark horse on the stablecoin track in 2023. It has excellent performance in terms of asset management scale, stablecoin circulation, industry popularity, scenario application, and technology development. Especially in terms of fund security and transparency, we have reached cooperation with a third-party independent audit agency. The latter issues daily reserve asset audit reports for TUSD, which can be described as a model in the industry.

In this stablecoin-themed online Space live broadcast event held by ChainCatcher, TUSD head of communications Yvonne Chia said that in order to ensure the security of user assets at all times, TUSD’s reserve assets will be provided by independent third-party institutions every day On-chain authentication, relevant information on TUSD USD reserve assets is disclosed for users to view at any time.

In terms of application scenarios, TUSD has been exploring the usability of stablecoins in addition to investment functions. In addition to being listed on major exchanges and DeFi platforms to ensure that global investors can use it, TUSD is also compatible with existing payment structures and fully integrated with digital wallets, payment platforms, etc., allowing global users to use it in their daily financial activities. It is easy to access and use TUSD, and has a wider range of practical application scenarios.

The following is the text content of ChainCatcher Space:

ChainCatcher: Today we are very honored to invite Yvonne Chia, head of communications at TUSD. Yvonne, can you say hello to our audience friends and introduce your work content and your responsibilities at TUSD?

Yvonne Chia: Hi, I’m Yvonne Chia, director of communications for TUSD. I am responsible for the brand’s external communications, enhancing TUSD’s brand influence and thought leadership on social media platforms. In this ever-changing cryptocurrency industry, we hope to provide community members with reliable insights and insights, promote industry discussions, and help the public gain a deeper understanding of stablecoins. Looking forward to a different spark today!

ChainCatcher: What are the characteristics of TUSD?

Yvonne Chia: One of the unique advantages of TUSD is its ability to ensure the security of user assets at all times. TUSD provides real-time on-chain verification by independent third-party institutions. We are the first U.S. dollar stablecoin to adopt this verification method. The third-party audit company we cooperate with will issue verification reports every day and disclose relevant information about TUSD U.S. dollar reserve assets. Users can log in to our official website to download and view these reports.

In my opinion, this authentication method is not only an important milestone in the development of TUSD, but also has far-reaching significance for the entire industry, because it defines a new security concept in the cryptocurrency field. standard. Since TUSD’s reserve assets are verified by independent institutions every day, users have more trust in us.

ChainCatcher: Compared with USDT, USDC, DAI, USDe (Ethena), FDUSD and other popular stablecoins currently on the market, what is the difference between TUSD and them?

Yvonne Chia:There are many ways to classify stablecoins. For example, based on the type of reserves/whether they are fully mortgaged/whether they are decentralized custody, etc.

According to the traditional classification method of stablecoins, namely fiat-collateralized stablecoins, over-collateralized stablecoins, and algorithmic stablecoins, TUSD is the same as USDT/USDC/FDUSD and belongs to fiat currency Collateralized stablecoin. The characteristic of this type of stable currency is that the reserves are mainly fiat currencies (mainly US dollars) and are generally fully mortgaged.

TUSD is the leader in this type of stable currency, as we mentioned earlier. TUSD not only cooperates with well-known accounting firms, but the latter provides industry-leading technical support for TUSD reserve verification, and also uploads information to the chain through Chainlink’s industry-leading decentralized oracle network to enhance our Transparency and verifiability of stablecoins. Ensure that TUSD is fully collateralized by off-chain legal currency reserves at all times.

According to the above classification method, DAI is an over-collateralized stable currency, and the collateral of DAI is mainly ETH and USDC. Because the price of ETH will fluctuate greatly with market conditions, DAI will respond to market risks through over-collateralization. USDe is quite special. It is a synthetic interest-paying stable currency. Users can deposit their ETH or liquid pledge ETH (such as stETH) to mint USDe to obtain income. I will not explain it in detail here. Users can choose the corresponding stablecoin based on their needs and usage scenarios.

ChainCatcher: The total market value of stablecoins has increased by more than $30 billion in the past five months. ExpectedWhat is the future development trend of the stablecoin market?

Yvonne Chia: In the past few months, the market value of stablecoins has grown rapidly, which shows that the demand and popularity of stablecoins in the digital finance community have increased significantly. Users also have stronger confidence in the utility and stability of stablecoins. This is undoubtedly a positive signal, reflecting that stablecoins are becoming an increasingly mainstream digital asset and are used in a variety of financial activities.

As a reliable value store and transaction medium, stablecoins are entering more and more people’s horizons, and show the potential to reshape and optimize the traditional financial industry in the digital era. Great potential. TUSD places a high priority on security and transparency and is therefore well positioned to further this trend. As a trustworthy stablecoin product, we are confident that we can solve users' pain points and become their new choice for daily transactions.

ChainCatcher: The stablecoin track has become increasingly crowded recently, and coupled with the passage of relevant bills, does this mean that the public is widely adopting stablecoins?

Yvonne Chia: Indeed, the stablecoin track is becoming more and more crowded, and the attention of regulatory agencies is also increasing. Stablecoins are not yet widely used by the public, but they are indeed developing in this direction. This type of crypto-assets is constantly attracting public attention and plays an increasingly prominent role in the cryptocurrency ecosystem.

Stable coins have also gradually penetrated into the traditional financial field, which also shows that its popularity is deepening. Now more and more traditional financial institutions are entering the DeFi track. According to recent news reports, many international banks such as Mastercard and PayPal have also begun to enter the cryptocurrency field. As stablecoins continue to be integrated with various financial services, they will better facilitate daily transactions and cross-border payments, building a bridge between fiat currencies and digital currencies.

ChainCatcher: With USDT’s market share exceeding 69%, do other newly emerging stablecoins still have opportunities?

Yvonne Chia: USDT does occupy most of the market share now, but there is still considerable room for growth in other stablecoins. Different stablecoins have different usage scenarios, and the regions where target users are located are also different. This difference provides unique development opportunities for various stablecoins.

For example, stablecoins such as USDE may be more suitable for investment and earning income, while tokens such as DAI are more likely to attract users who pursue a high degree of decentralization.

We hope that TUSD can participate in the global new payment system, so the main focus is on the accessibility and usability of TUSD. TUSD is now listed on major leading exchanges and DeFi platforms, ensuring that investors around the world can use it. In addition, TUSD is also compatible with existing payment architectures and is fully integrated with digital wallets, payment platforms, etc., allowing users around the world to easily use TUSD in daily financial activities.

ChainCatcher: What is the current status of TUSD’s ecological construction? What are the application scenarios?

Yvonne Chia: TUSD The ecosystem is now booming, giving rise to a variety of different applications and use cases. TUSD is currently listed on more than 80 cryptocurrency exchanges and DeFi protocols such as Binance, Bitget, HTX, Poloniex, and KuCoin. It has also been deployed natively on well-known networks such as Ethereum, TRON, Avalanche, and BSC. With the help of these platforms, TUSD is powerful The infrastructure enables smooth transaction and interactive experience.

TUSD is also deeply trusted in various real-world usage scenarios. We have reached cooperation with NOWPayments, ChangeNOW, ivendPay, Travala, UQUID, HYVE, B2BinPay and Crypto.com to complete payment integration to facilitate users to use TUSD in daily transactions.

At the same time, we are also promoting the establishment of cooperative relationships with leading exchanges and enterprises around the world, expanding the purpose and scope of TUSD, and promoting the continuous growth of the TUSD ecosystem, covering More industries and usage scenarios.

ChainCatcher: According to DeFiLlama data, the total market value of stablecoins on May 31 is now US$160.863 billion, which has increased by US$30 billion since the beginning of the year. Among them, the market value of USDT is US$111.5 billion, with a market share of over 69%. In addition to the oppression of USDT’s big brother, there is also the rise of the new stable currency USDe. What is TUSD’s attitude towards competition? How will you increase your market share?

Yvonne Chia: We can look at competition from both positive and negative aspects. The increasingly fierce competition can be said to have advantages and disadvantages.

From a macro perspective, the increase in the market value of stablecoins and the rise of competitors will promote the further promotion of stablecoins. This is certainly a good thing, indicating that stablecoins are becoming increasingly prominent in the field of digital finance.

But we must also remain vigilant, because if we want to maintain our original position in the competition and expand our market share, we need to continue to innovate and improve. We will maintain our consistent pursuit of transparency and security, because as stablecoins enter the mainstream, users who choose to use cryptocurrencies as a store of value rather than speculative trading will take these two things very seriously.

ChainCatcher: What are the future development priorities of TUSD? What are the plans for ecological construction?

Yvonne Chia:One of the focuses of TUSD’s future development is expansion. We have been cooperating with the world's top exchanges since 2018, hoping to make TUSD accessible to more users.

For example, we have recently established partnerships with several leading companies in the digital finance field, including Turkey’s leading cryptocurrency exchange Bitci, and the multi-chain DeFi aggregation protocol ReHold . These cooperations allow TUSD to enter more regions around the world and reach more users with different needs.

Through continued expansion, we hope to enable TUSD to achieve continued growth in volume and user adoption over the next few years.

ChainCatcher: What are your prospects for the future development of the stablecoin industry?

Yvonne Chia: We hope to see cryptocurrencies gradually be adopted by the mainstream world. There are now signs that the currency ecosystem is about to change, with cryptocurrencies developing from a means of speculative financial management to a daily transaction medium. Stablecoins, including TUSD, will play an important role in this process.

As a highly trusted stablecoin, we look forward to TUSD being integrated into more users’ daily transactions and financial activities. Overall, we believe that cryptocurrency has a bright future and hope to witness the future development of the industry.

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