Monarch Wallet Adds Support for TrueUSD (TUSD) After Tether Scare
“Tethers are not money and are not monetary instruments. There is no contractual right or other right or legal claim against us to redeem or exchange your tethers for money. We do not guarantee any right of redemption or exchange of tethers by us for money.”
-Tether ToS 2017 and prior
Several stablecoins have recently been released such as TUSD (True USD), GUSD (Gemini’s Stable Coin), PAX (released by Paxos). Monarch Blockchain Corporation did thorough due diligence and research before the decision to support TrueUSD (TUSD) on the Monarch Wallet. Wallet currently supports Bitcoin, Ethereum, Stellar (XLM) TrueUSD (TUSD), Ripple (XRP), and all ERC20 tokens. As Monarch Blockchain Corporation gears up its Merchant Plugin for online businesses to accept cryptocurrency, it must select only the best forms of currency to support. Having partners as large as Trading View, Polymath, Blockchain Terminal, and Genesis Vision, it is Monarch’s fiduciary duty to support the currencies that will have the most long-term success.
“After careful consideration, we wanted to add a stable coin for our users to use to help combat volatility. We recently added TrueUSD because of their banking partners and track record of stability. After seeing what happened with Tether this week, our users are very happy with our decision. Until we have a true stable coin that is truly pegged to the US dollar with minimal price changes, we will not have mass adoption or reasons for people to use cryptocurrency for goods and services in lieu of fiat.”
-Robert Beadles, President of Monarch Blockchain Corporation