TrustToken, Secret Network Pave Way for Private Stablecoins
TrustToken, the team behind the TrueFi uncollateralized lending platform and maker of asset-backed tokens including TrueUSD, the world’s dollar-backed stablecoin with live on-chain audits, announces a partnership agreement with Secret Network, the first public blockchain to provide privacy-preserving smart contracts. Through the partnership, TrustToken’s TUSD becomes Secret Network’s first asset-backed stablecoin partner, paving the way for private stablecoins and fully secret transactions.
To date, blockchain transactions may be anonymous, but they’re far from private, with every transaction publicly and permanently visible on-chain. While early blockchain adopters famously praise this transparency, institutional investors, businesses, and individuals wishing to transact privately have been reluctant to switch their business to most crypto assets—especially not when these assets fluctuate wildly with the market. Through this partnership with Secret Network, TrustToken brings privacy-preserving smart contracts to stablecoins for the first time, empowering holders of its TrueUSD stablecoin to spend their money as they see fit, without the entire blockchain world watching, and finally opening up private, stable transactions to businesses and individuals.
Secret Network enables holders of TrustToken’s dollar-backed TUSD to secretly wrap their stablecoin, a process that converts it into “Secret TUSD” and essentially masks the transaction, an option available to users with a Secret wallet. Secret Network is the first blockchain with privacy-preserving smart contracts, which means applications built on the network can utilize encrypted data without revealing any of it, including the nodes on the network, to anyone. This allows developers to build powerful, permissionless, and privacy-preserving applications—or Secret Apps—which can then through secret nodes be secretly deployed onto the Secret Network.
Unlike other crypto lending platforms, TrustToken’s protocol offers a decentralized approach to borrowing and lending, enabling uncollateralized lending through its ecosystem. TrueUSD is a USD-backed ERC20 stablecoin that is fully collateralized, legally protected, and transparently verified on-chain by third-party attestations.
“We’re thrilled to collaborate with TrustToken as a stablecoin partner for Secret Network,” says Can Kisagun, CPO and Co-Founder of Enigma. “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.”
“Most of the DeFi community acknowledges, and has to a certain extent accepted, significant downsides in terms of privacy,” says Rafael Cosman, CEO and Co-Founder of TrustToken. “Our partnership combines the peace of mind of TUSD with the privacy of the Secret Network to create a next-generation DeFi experience.”