TrueUSD is part of the TrustToken asset tokenization platform and is a blockchain-based stable currency that is tied to the dollar value. In the TrueUSD system, the US dollar exists in the bank accounts of multiple trust companies that have signed the escrow agreement, rather than a bank account controlled by a company. The contents of the bank account are published on a daily basis and are audited monthly.
If someone wants to get TrueUSD online, they need to pass KYC / AML check. Upon completion, they can send the US dollar to one of TrueUSD's trust company partners. Once the funds are verified by the trust company, their API will instruct the TrueUSD Smart Contract to issue the token at a 1:1 ratio and send it to the Ethereum address associated with the current account.
Once in the wallet, the token can be transferred to a friend or used as a payment, combining the advantages of legal currency (stability and trust) with cryptocurrency (reduced cost and transmission time). The user can also redeem the actual US dollar by sending the TUSD token back to the smart contract address, which will notify the trust company and initiate a bank transfer to the user's account.