We recently added Tether ERC20. Check out this full guide to learn everything that you should know about Tether ERC20 and make the best use of it today. ERC20 is a protocol standard that defines some of the standards and rules to issue tokens on the network of Ethereum. In the term ERC20, the abbreviation ERC stands for the Ethereum request for the comments & this 20 means a unique ID number for distinguishing the standard from the others.
This is much similar to the fact that we all have for HTTP protocol on the internet, this standard protocol for the tokens is issued on the Ethereum, called ERC20. For putting in simple terms, if you include some functions in the smart contract of tokens, you are compliant with ERC20.
If you don’t include these mandatory functions, you are not at all ERC20. So such tokens on the network of Ethereum checks all essential boxes i.e. includes all essential functions in the implementation that are deemed as the ERC20 token.
These can be called as the crypto-tokens or crypto assets which can be easily traded like Ethereum or Bitcoin or Litecoin, but unlike the cryptocurrencies, they don’t possess the dedicated blockchain.
They are the ones which thrive on the Ethereum blockchain and may bring various benefits for the users.
What is an ERC20 Token?
The ERC20 Token is an asset-based on the blockchain which functions similar to the bitcoin, bitcoin cash, etc. It is the one which also holds a value and can be easily received and sent. If you want to know the difference between the ERC20 Token and other cryptocurrencies, then you must know that these tokens are created and get hosted on the Ethereum blockchain.
On the other hand, the bitcoin cash and bitcoin are the native currencies of their blockchains respectively. These ERC20 tokens are preserved and sent by using the ethereum transactions and addresses.
The exchanges and wallets also use the standard for integrating different ERC20 tokens on their platform and it facilitates the exchanges between the ERC20 tokens and different other cryptocurrencies.
What is Tether ERC20?
Launched in the year 2014, Tether is a blockchain-enabled platform that is best designed for facilitating the use of fiat currencies in a digital way. It works for disrupting the conventional financial system through the modern approach of money.
It has also made headway by offering customers a rich ability for transacting well with traditional currencies across blockchain, without inherent volatility and complexity which is associated typically with digital currency.
Being the foremost blockchain-enabled platform for facilitating digital use of the traditional currencies, it has also democratized the cross border transactions across this blockchain.
How does Tether ERC20 work?
This Tether exists on the blockchain making the best use of Omni protocol and in the form of ERC20 tokens. Such transport protocol includes an open-source software that interfaces with the blockchains for allowing the issuance & redemption of the cryptocurrency token, in this case, “Tethers”.
The Tether platform currencies are backed up by Tether reserves 100%. They are exchange able and redeemable pursuant to the terms of service of Tether Limited. Its conversion rate is 1 tether USDT= 1 USD.
This Tether platform is reserved fully when the sum of the tethers in circulation is less than or even equal to the value of its reserves. Through its transparency page, one can view both these numbers on a regular basis.
This Tether was created originally for use on the Bitcoin network as its transport protocol, mainly the Omni layer, for allowing the transactions for a tokenized currency. Since its original version of this Tether makes use of bitcoin blockchain, it inherits its inherent security and stability of this longest established network of blockchain.
Moreover, Tether on the ethereum blockchain as the ERC20 token is a new transport layer which now makes tether available in the decentralized applications or smart contracts of Ethereum.
As the Tether is also available using two different transport protocols, Ethereum and Bitcoin, when the user sends the tether to anyone else address, they need to check the destination address carefully for confirming whether this is the standard format of Ethereum or Bitcoin and then select the right transport protocol.
What is the difference between Tether Omni and Tether ERC20?
The Tether Omni is a digital currency & communication protocol which is designed on the blockchain of Bitcoin. On the other hand, the ERC20 is a protocol standard that defines some standards and rules to issue a token on the network of Ethereum.
Buy, Sell or Exchange Tether ERC20 on XMLGold!
If you want to exchange Tether for e-currencies like Perfect Money, Advcash or Payeer XMLGold will be the best choice for you! XMLGold is Online Currency Converter founded in 2006. On XMLGold you will be able to convert Tether ERC20 to many different e-currencies, cryptocurencies or bank transfers, like PerfectMoney EUR/USD, Payeer EUR/USD, Advcash EUR/USD, SEPA Transfer EUR, SWIFT Transfer EUR, Tether Omni (USDT), Litecoin (LTC), Bitcoin (BTC), USD Coin (USDC), TrueUSD (TUSD), Ecoin Code USD, C-Cex Voucher USD, Perfect Money Voucher EUR/USD, XMLToken…Besides currency exchange service XMLGold offer Progressive Discount system and profitable Referral Program.
Benefits of Tether ERC20
With the introduction of Tether ERC20, various things have changed and also have turned streamlined. It has some of the major benefits which include,
- - Offers uniformity of the protocol and tech standard
- - Provides the enhanced liquidity to the ERC20 tokens
- - It has reduced the risk of contracts
- - Has reduced the complexity to understand each type of token implementation.
The Tether ERC20 is one of the famous blockchain systems and cryptocurrency which is based on tokens use, it can be traded, bought and sold. It has emerged as a technical standard that is used for different smart contracts on Ethereum blockchain for easy token implementation.
It holds great importance as it defines a set of rules on which all Ethereum tokens must adhere to. This helps in simplifying and easing the task of the developer as they can easily proceed with their tasks.
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We recently added TrueUSD (TUSD). Check out this full guide to learn everything that you should know about TUSD and make the best use of it today.
TrueUSD is a stablecoin of USD backed ERC20; it is legally protected, collateralized fully and verified transparently by the 3rd party attestations. It is the one that makes use of various escrow accounts for reducing its risk and for offering the token holders the complete protection against misappropriation.
It was one of the first asset tokens which were built on the platform of TrustToken. It is a platform for creating the asset-backed tokens which one can easily purchase and can sell it across the globe. For say, gold tokens to gold, dollar tokens to the dollar can be made through the platform of TrustToken. The TrueUSD is a part of TrustToken, it is much similar to the USDT.
How does it work?
Under the system of TrueUSD, the US dollars are kept in the banking accounts of various trust companies that have signed the escrow agreements, rather than in a bank account which is controlled by one company.
As per the TrueUSD, the contents of these bank accounts get published regularly and are also subjected to monthly audits. This is one method to store USD which also ensures that users can enjoy great trust in TrueUSD as these collateralized holdings are not centralized in one entity; instead they are distributed throughout various fiduciary partners.
In technological terms, the TrueUSD implements a framework for ensuring that they are not responsible while issuing tokens. On the other hand, the USDT tokens get issued on the blockchain of bitcoin through the Omni protocol.
The tokens of TrueUSD are also based on the blockchain of ethereum, which allows the advanced mechanism issuance. If someone is willing to obtain the TrueUSD through online mode, they are required to pass check the KYC or AML.
Once it is completed, they can send USD to their trusted company partners of TrueUSD. As soon as the funds are also verified by the trust company, their API also instructs the TrueUSD smart contract for issuing the tokens on a ratio of 1 to 1 and sends them to Ethereum addresses which are associated with the account that is at hand.
Once it comes in your wallet, these tokens can be transferred to any of your friends or can be used for payment purposes. You can also redeem real US dollars by sending these TUSD tokens to the smart contract address that notifies the trust company and signals a bank transfer to the user's accounts.
This whole system verifies that issuance takes place in the environment that is decentralized and makes use of various APIs, and which ensures that the handling of fiat currency is better in comparison with other alternatives.
For what purpose TrueUSD was made?
For traders & exchanges
It is a great tool for hedging against the market volatility and for entering the markets without purchasing ETH/BTC first.
For mainstream commerce
Daily businesses and people can take the ultimate benefits of it which are offered by the technologies of blockchain without any exposure to the fluctuations in massive price.
The developing markets can make use of stable currencies for trading, for long term financial contracts as prediction markets, loans, and salaries. The financial institution can make use of a trustworthy asset for trading in crypto markets.
The process involved in TrueUSD
Generally, two main processes are involved in making use of TrueUSD, one is the purchasing of TrueUSD and the other is TrueUSD redemption.
For TrueUSD purchase
For this, the TrustToken works well with various trust companies that are already managing billions of dollars. Here the user is asked to pass a KYC check, after which one can send the USD to trust company for entering the escrow agreement. Soon after the fund's verification, the API instructs the TrueUSD smart contract for issuing TrueUSD to the user ethereum public address.
For TrueUSD redemption
For its redemption, you need to pass a KYC check and send the TrueUSD tokens to a smart contract from your registered ethereum public address. After this, the escrow bank sends the fund in USD. In this way, the TrueUSD system doesn’t touch any funds and their trusted companies perform all the purchase and receiving of the user’s amount through escrow bank accounts.
Why you should use TrueUSD
It is the true crypto which is backed by the real fiat reserves of USD and is independently audited and daily. Due to such benefits, it is a premium choice.
- - It is also backed by the US dollar, which acts as a stable currency for digital exchange.
- - Anyone that passes the standard KYC check can redeem the TrueUSD for USD
- - The TrueUSD is collateralized 100% by USD, it is held in the professional and trusted firm’s banks only.
- - The account holdings of the bank are regularly published and subjected to monthly attestations.
- - Regularly the independent 3rd party evaluation takes place by the popular auditing firms for added security practices.
- - It directly transacts with the trusted firm’s bank.
Benefits of TrueUSD
Offers legal protection. This Company offers legal protection as all its regular attestations get published which acts as a security feature for all.
Allows USD redeemable. One can easily redeem TUSD for the USD.
Trusted management of funds. It allows exchanging USD directly with escrow accounts, which is done through a trusted chain for funds exchange.
Fully collateral. The new tokens get minted & burned by smart contracts which state that a single TUSD token is collateralized always.
How to buy TrueUSD (TUSD)?
If you want to buy, sell or exchange TrueUSD (TUSD) fast, secure and with low fee, then you can use XMLGold Online Currency Converter.
On XMLGold, you will be able to buy, sell or exchange TrueUSD to many other e-currencies or cryptocurrencies, like Perfect Money EUR/USD, Payeer EUR/USD, Advcash EUR/USD (Advanced Cash), SEPA Transfer EUR, SWIFT Transfer EUR, Tether ERC20, Tether Omni (USDT), Litecoin (LTC), Bitcoin (BTC), C-Cex Voucher, Perfect Money Voucher EUR/USD, Ecoin Code, USD Coin, XMLToken. XMLGold is a reliable e-currency exchange platform which has been working since 2006. XMLGold provides a fast and simple exchange process at the one of the lowest fees at e-curreny market. Besides low exchange rates XMLGold also offers profitable Referral program and progressive Discount system to its customers.
Presently TUSD token has held its operations on a high standard and acting as a good stablecoin with the growing world. It can also be stored in any of the wallets which support the standard of ERC-20.
A week ago, we added a new cryptocurrency - USD Coin (USDC). Let's get to know better what it is and how it works.
USD coin or USDC is a stablecoin set to the US dollars. It was introduced on the 26th of September in 2018, in collaboration between the Coinbase and Circle. USD Coin is the best alternative to the USD backed cryptocurrencies as True USD (TUSD) or Tether, also termed as USDT.
USDC is a service that is used for tokenizing the US dollars and for facilitating its use over the internet as well as the public blockchains. Apart from that, the USDC tokens can also be changed back to USD at any point in time. This execution of USDC tokens issue and redemption is ensured with the smart contract of ERC-20.
The US dollars on blockchain allow its users to move them anywhere around the world, within a few minutes and also offer high-end stability to these cryptocurrencies. On the other hand, it has also opened up various opportunities for risk-hedging, lending, trading and a lot more.
Where did USDC come from?
USDC also called USD coin is the newest and trendiest stablecoin. After its launching, it was made available to its users in October, 2018. This project was initiated by the Coinbase in collaboration with the Circle.
This development included the Centre consortium, also called as the Circle and the Coinbase joint association. Its investors around were the Pantera, Bitmain, and the Digital Currency Group and many more.
Moreover, its governing framework and technology are developed by the Center, but its first commercial issuers are Coinbase and Circle only. The Circle came into existence in the year 2013 by entrepreneurs Sean Neville and Jeremy Allaire.
The Circle is the official money transmitter which creates the company as an open financial book. All the USDC tokens are transparent, regulated and verifiable.
What are the benefits of USD coin?
This USD Coin (USDC) is developed on the basis of the ERC-20 standards; this means that the speed of the funds transfer is highly amazing as the ETH. As mentioned on the official website of the Circle, people now with the best assistance of USDC can transfer US dollars within few seconds all around the world.
There are various experienced developers behind this development who made this funding process hassle-free. The company which has created USDC is also working for this cryptocurrency world for years, so they are more trusted by the people.
Various organizations and even individuals can deposit their US dollars from their savings or business bank accounts and can convert their money into tokens. This way they can purchase and can withdraw money with USD Coin (USDC) tokens anytime, anywhere.
How to purchase USD coin on XMLGold?
It is much possible now to buy USD coin for other cryptocurrencies or e-curencies using XMLGold (Online Currency Converter) service. You just need to follow the below-given instructions:
- - Select the currency which you are willing to exchange from their first drop-down list. Place an amount that you are willing to swap.
- - Choose USD coin from their second drop-down list. You will find the estimated value that you will get after its exchange.
- - Enter your receiver’s address. The USD coin will be sent to the address entered. You need to be very careful while entering the address, and make sure you enter the correct address.
- - Re-check all the information entered. If everything is O.K. on your side, click on the exchange option.
- - You will find the deposit address details. You have to transfer the minimum amount to this address for starting the exchange.
That’s all! In a few minutes, you will get your USD coin.
How does USDC work?
The Circle assures that every USDC token they issue is backed with the US dollar. This process to turn US dollars in the USDC tokens is known as tokenization. Tokenizing the USD in USD Coin (USDC) is called as the 3 step process:
- - Here the user sends the USD to the bank account of the token issuer.
- - This way the issuer makes use of USDC smart contract for creating the same amount of USDC.
- - The newly stamped USDC is then delivered to its user, while its exchanged US dollars are kept in the reserve.
The redemption of USD coin for USD is also simple as stamping the token. Here the process is reversed:
- - The user sends a request to USDC issuer for redeeming the equivalent amount of this USD for USDC tokens.
- - The issuer here sends a request to the USD coin smart contract for exchanging tokens for the USD and takes an equivalent amount of the tokens out of its circulation.
- - The issuer sends the requested amount of the USD from it and reserves back to the account of the user’s bank. This way the user gets the net amount which is equal to the one in the USD coin, reducing all incurred fees.
Unlike the popular stable coin USDT (Tether), the creators of USD coin are compelled for offering full transparency and works with a wide range of financial banks for maintaining full reserves of similar flat currency. All the USD Coin (USDC) issuers are also required for regularly reporting the USD holdings, which gets published later by the Grant Thornton LLP.
How to make use of USD coin?
USD Coin is a 1:1 representation of the USD dollar on Ethereum blockchain. It is an ERC-20 token and can be easily used with every application which supports its standard. For tokenizing and redeeming the USDC with the Circle, you are supposed to register an account, verify the identity and quickly link with a legitimate bank account.
You can use the USD platform of the Circle for performing 4 different works,
- - Tokenizing the USD
- - Redeeming USDC
- - For transferring USDC to ERC20 compatible addresses of Ethereum
- - And for depositing the USDC from the external wallet addresses of Ethereum.
The USD Coin (USDC) allows sending money globally, securely and instantly at low cost. On XMLGold you will be able to convert USD Coin to Perfect Money EUR/USD, Advcash EUR/USD, Payeer EUR/USD, SEPA Transfer, SWIFT Transfer, Litecoin (LTC), Tether (USDT), Bitcoin (BTC), Perfect Money Voucher EUR/USD, Ecoin Voucher USD, C-CEX Voucher, ERC20, True USD, XMLToken. Exchange Process is fast and simple! Join Now!
We announce that we have added a new cryptocurrency – Tether ERC20 (USDT).
We announce that we have added a new cryptocurrency – TrueUSD (TUSD). TrueUSD belongs to "Stablecoin” category and is pegged to USD exchange rate.
We announce that we have added a new currency – the USD Coin (USDC). The USD Coin is a relatively new cryptocurrency which belongs to the category 'Stablecoin' and is linked to the USD exchange rate similar to Tether (USDT).
We are pleased to announce that we have passed over to a new, contemporary design. We hope you will enjoy it. If, however, it is more convenient for you to work with the previous design, you can still do so (by clicking on the "Old version" in the upper corner). The new design is still being tested and refined. If you notice any failure, please report it to our support team.