TUSD is now on Nuo Network – Nuo Network

TUSD is now on Nuo Network – Nuo Network –

We are excited to announce that users can now Lend and Borrow stablecoin Trust Token (TUSD) with smart contracts on Nuo Network. Lend and earn interest on TUSD or get an instant ETH backed TUSD Loan.

Currently 2 stablecoins DAI and USDC are already live. Stable coin lenders are already earning 12–15% yearly interest based on the current borrowing activity on the platform. We expect TUSD market to be in sync with other stable coin markets in the coming months.

Our goal is to add another margin trading market alongside the current ETH and DAI markets and we have set an immediate goal of $1M in reserve pool to add a new stable coin trading market. USDC and TUSD are strong contenders for this new market and we leave it upto the communities to achieve this liquidity.

What is TUSD?

TrueUSD is the first asset token by TrustToken. Trusttoken works with multiple trust companies that already manage billions of dollars. Pass a KYC/AML check, and send USD to a trust company with an escrow agreement. When they verify your funds, their API instructs our smart contract to issue the equivalent TrueUSD to your public Ethereum address.

To redeem USD, you pass a KYC/AML check, send the smart contract your TrueUSD tokens from a registered Ethereum address, and then the escrow bank will send you funds. This way, the TrueUSD system does not touch the funds, and the trust companies do all purchase and receipt of your money through escrow accounts.

User Onboarding 🙏

To get started with using TUSD on Nuo, users can signup on the platform with a Username, Email ID and Password. A smart contract based Nuo account will be created with an account address where you can transfer ETH, TUSD or select ERC20 tokens.

To Lend TUSD, users need to transfer TUSD to this Nuo account from any exchange or wallet.
To Borrow TUSD on the platform, users need to transfer ETH or select ERC20 tokens to Nuo account from any exchange or wallet.

1. Lend TUSD 📈

Lenders on Nuo can supply TUSD to earn daily interest. A user can place a reserve order by selecting the amount and duration of the reserve and signing this reserve order as a meta transaction. You would get a notification once the reserve order is placed on-chain with a verification link on Etherscan. You would start earning daily interest based on the amount of borrowing activity on the platform.

As a lender and market maker on the Nuo platform, users can earn an additional 1% bonus on your notional TUSD reserve volume for the month of March. The bonus would be added to your trading account on 1st April. More details here.

2. Borrow TUSD 💰

Borrowers on Nuo Network can collateralise ETH or select ERC20 tokens to borrow TUSD with 0.67x leverage. Borrowers only pay premium for borrowing TUSD and no other fees are charged by Nuo Network.

A user can place a loan order by selecting the collateral or loan amount along with duration and signing this loan order as a meta transaction. Once this loan order is relayed on-chain, the loan amount is transferred instantly to your Nuo account. This loan amount can be withdrawn from your account to any exchange or wallet.

A TUSD loan is repaid via a one time transaction before the end of loan duration. In case you fail to repay on time, the loan defaults and you would lose your collateral upto loan amount plus premium. Excess collateral amount would be transferred back to your Nuo account.

Disclaimer 📃

Nuo Network enables lending and borrowing using smart contracts which are open source. Nuo Network does not take custody of tokens and is only a peer to peer marketplace for lenders and borrowers. Nuo Capital Pte Ltd is a Singapore corporation and is not a licensed bank, money lender or an exchange. Nuo Network currently does not charge fees from users for any of the services provided through its smart contracts.

Note: Nuo Network is experimental technology and software. Please use it at your own risk. Losing your trading account private key or forgetting your password may result in permanent loss of funds. It is recommended to connect your Web3 Wallet (Metamask, Trust etc) to use the platform without your password. For any enquires, please reach out to us at info@getnuo.com

Published at Sun, 26 May 2019 05:16:39 +0000

April 20, 2017

Dollar and Yen Push Lower

marctomarket.com / by Marc Chandler / April 20, 2017

With the exception of the yen, the US dollar is lower against all the major currencies. US Treasury yields are firm, extending yesterday’s rise a little. This may help keep the dollar straddling JPY109, but unwinding long yen cross positions is helping underpin the other major currencies. The Dollar Index is making a new low for the week and appears poised to test support around 98.85-99..00.

The Indonesian rupiah is one of the few emerging market currencies under water today, following what appears to be an electoral defeat for an ally of President Widodo in the Jakarta gubernatorial race. Separately, the central bank kept rates unchanged at 4.75%. It is the fourth consecutive losing session for the rupiah.

The news stream is actually light, suggesting the pressure on the dollar may be emanating from sentiment and positioning. There were three economic reports of note. The most important of which was the Japanese trade figures.

Japan’s trade March trade surplus of JPY614.7 bln was larger than the Dow Jones survey of economists projected (JPU576 bln), but still off more than 17% from a year ago. Merchandise exports rose 12% year-over-year, nearly twice the median guesstimate. Exports to Asia were strong (16.3% year-over-year), reaching a record high, helped by Chinese demand for autos and auto parts. Imports rose 15.8%, well above February’s 1.2% gain and half again as much the as 10% anticipated. The value of Japanese exports rose to the highest level since September 2009.

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