trusttoken-integrates-with-secret-network-to-enable-private-stablecoins

TrustToken integrates with Secret Network to enable private stablecoins

Secret Network permits holders of TrustToken’s dollar-backed TUSD to secretly wrap their stablecoin, a task that converts it into “Secret TUSD” and the truth is masks the transaction, an chance accessible to customers with a Secret wallet…

Published by
CryptoNinjas.get

01/14/2021

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TrustToken, the crew in the relieve of the TrueFi uncollateralized lending platform and stablecoin protocol including TrueUSD, a dollar-backed stablecoin with are dwelling on-chain audits, as of late offered a partnership agreement with Secret Network, a public blockchain to offer privacy-preserving trim contracts.

By plot of the partnership, TrustToken’s TUSD becomes Secret Network’s first asset-backed stablecoin partner, paving the formulation for private stablecoins and fully secret transactions.

Blockchain transactions would possibly per chance per chance additionally very smartly be anonymous, however they’re a long way from private, with every transaction publicly and completely considered on-chain. Whereas early blockchain adopters praise this transparency, institutional patrons, corporations, and folk wishing to transact privately were reluctant to exchange their industry to most crypto property; especially no longer when these property fluctuate wildly with the market.

Secret Network a blockchain with privacy-preserving trim contracts, which methodology capabilities built on the community can utilize encrypted files with out revealing any of it, including the nodes on the community, to anybody. This permits developers to construct highly efficient, permissionless, and privacy-preserving capabilities—or Secret Apps—which would possibly per chance then by technique of secret nodes be secretly deployed onto the Secret Network.

“We’re thrilled to collaborate with TrustToken as a stablecoin partner for Secret Network,” says Can Kisagun, CPO and Co-Founding father of Enigma. “Secret’s queer front-working resistance and privacy facets enable DeFi to scale from billions to trillions. Genuine stablecoin enhance represents a significant milestone for the development of secret DeFi and gives a stable foundation for its future.”

TrustToken’s protocol gives a decentralized formulation to borrowing and lending, enabling uncollateralized lending by technique of its ecosystem. TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legally protected, and transparently verified on-chain by third-celebration attestations.

“Numerous the DeFi community acknowledges, and has to a sure extent licensed, significant downsides in phrases of privacy,” says Rafael Cosman, CEO, and Co-Founding father of TrustToken. “Our partnership combines the peace of tips of TUSD with the privacy of the Secret Network to offer a subsequent-generation DeFi trip.”

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