We’ve been addressing the importance of stablecoins more than once along the way, and more entities are un understanding how vital they are to the crypto space.
Let’s address the issue of privacy at the moment. As you already know by now, blockchains transactions are indeed anonymous, but they are unfortunately not private.
Every transaction is both publicly and permanently visible on-chain these days. The early blockchain adopters are always highlighting the transparency that we mentioned above, but bigger players such as institutions, businesses, and whales who want to transact privately have not been that keep to the idea of switching their business to crypto. There’s also the issue of volatility, which still has a really high degree, and this might seem a drawback as well.
TrustToken teams up with Secret Network
TrustToken is the team behind TrueFi uncollateralized lending platform and maker of TrueUSD (the world’s dollar-backed stablecoin with live on-chain audits). They just revealed that they are teaming up with Secret Network, which is the first public blockchain that offers privacy-preserving smart contracts.
Via this important partnership, TrustToken’s TUSD becomes the Secret Network’s first asset-backed stablecoin partner.
This is extremely important because it paves the way for private stablecoins and completely secret transactions.
This partnership enables holders of TrustToken‘s dollar-backed TUSD to secretly wrap their stablecoin. This process will be converting the coin into Secret TUSD and will lead to masking the transaction.
This option will be available to users with a Secret wallet.
It’s also worth noting that the Secret Network is the very first blockchain with smart contracts that preserve privacy – this means that the applications that are built on the network can use encrypted data without revealing any of it.
According to the official notes in the press release, this will allow devs to build powerful, permissionless, and privacy-preserving apps (called Secret Apps) – these can be secretly deployed onto the Secret Network via secret nodes.
TrustToken’s protocol provides a decentralized approach to borrowing and lending – this establishes uncollateralized lending via the ecosystem.
TrueUSD ERC20 stablecoin is fully collateralized, transparently verified on-chain, and legally protected.
“We’re thrilled to collaborate with TrustToken as a stablecoin partner for Secret Network,” says Can Kisagun, CPO and Co-Founder of Enigma.
He continued and explained that “Secret’s unique front-running resistance and privacy features enable DeFi to scale from billions to trillions. Reliable stablecoin support represents a major milestone for the growth of secret DeFi and provides a strong foundation for its future.”
Rafael Cosman, CEO, and Co-Founder of TrustToken, also addressed a few words about this partnership that highlighted his enthusiasm.
He mentioned the fact that the partnership combines the peace of mind of TUSD with the privacy of the Secret Network in order to build the latest-gen revolutionary DeFi experience.