TrustToken Launches A New Stablecoin Backed by Canadian Dollar

TrustToken has several stablecoins in its kitty including TrueUSD (U.S. dollars), TrueGBP (British pounds) and TrueAUD (Australian dollar). Each of the mentioned tokens are backed at a purported 1:1 ratio with their associated fiat currencies.

Basically, Stablecoins are digital tokens backed by either a separate asset such as currency or a mineral and are stabilized by an algorithm. Stablecoin can purportedly take a number of different forms, and do not even necessarily require backing from a tangible asset. TrustToken elaborates over this in their statement about TrueCAD:

Planned to be released in 2019, TrueCAD and TrueAUD are two of the four new stablecoins pegged to national currencies. Further the firm plans to release TrueEUR and TrueHKD, for euro and Hong Kong dollars, respectively.

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