Background Circle Background Circle

usdt vs tusd

usdt vs tusd

Ultimate Guide to USDT vs TUSD: Stablecoins Compared

In the world of cryptocurrency, stablecoins have emerged as a critical component for traders, investors, and everyday users seeking to mitigate the notorious volatility of digital assets. Among the various stablecoins available, USDT (Tether) and TUSD (TrueUSD) stand out as two prominent options, each with their unique characteristics, advantages, and potential drawbacks. This comprehensive comparison aims to provide clarity on the differences and similarities between these two dollar-pegged cryptocurrencies.

Table of Contents

Introduction to Stablecoins

Stablecoins represent a category of cryptocurrencies designed to maintain a stable value by pegging their price to an external reference, typically the US dollar. These digital assets aim to combine the technological advantages of cryptocurrencies—such as borderless transfers, security, and programmability—with the price stability of traditional fiat currencies.

The emergence of stablecoins has addressed one of the most significant barriers to mainstream cryptocurrency adoption: price volatility. Bitcoin and other traditional cryptocurrencies can experience substantial price fluctuations within short periods, making them less suitable for everyday transactions or as stores of value. Stablecoins provide a solution by offering a digital asset that maintains a consistent value while still benefiting from blockchain technology.

In the growing ecosystem of stablecoins, USDT and TUSD have established themselves as notable players, each with different approaches to achieving and maintaining their peg to the US dollar. Understanding the differences between these two stablecoins is crucial for anyone looking to utilize them for trading, investing, or everyday transactions in the cryptocurrency space.

What is USDT (Tether)?

USDT, commonly known as Tether, was launched in 2014 and has since become the most widely used stablecoin in the cryptocurrency market. Created by Tether Limited, a company closely associated with the cryptocurrency exchange Bitfinex, USDT was designed to maintain a 1:1 ratio with the US dollar.

Key Characteristics of USDT:

  • Pegging Mechanism: USDT aims to maintain its value at exactly $1.00 USD through its backing of reserves.
  • Multiple Blockchain Support: Originally issued on the Bitcoin blockchain using the Omni Layer Protocol, USDT has expanded to operate on multiple blockchains, including Ethereum (as an ERC-20 token), Tron, Solana, and others.
  • Market Dominance: With a market capitalization exceeding $90 billion (as of early 2023), USDT accounts for the majority of stablecoin trading volume globally.
  • Use Cases: USDT serves as a trading pair on most cryptocurrency exchanges, a medium for cross-border transfers, and a store of value in volatile market conditions.

Despite its widespread adoption, USDT has faced controversy regarding the transparency of its reserves and whether it is fully backed by US dollars as claimed. These concerns have led to periods of price instability and regulatory scrutiny, though Tether has taken steps to address these issues through regular attestations of its reserves.

What is TUSD (TrueUSD)?

TUSD, or TrueUSD, was launched in 2018 by TrustToken (now Archblock) as a regulated alternative to existing stablecoins. Like USDT, TUSD aims to maintain a 1:1 peg with the US dollar but takes a different approach to transparency and reserve management.

Key Characteristics of TUSD:

  • Regulated Framework: TUSD operates within a regulatory framework designed to provide legal protections for token holders.
  • Escrow Accounts: The US dollars backing TUSD are held in escrow accounts at multiple third-party trust companies and banks, rather than directly by the issuing company.
  • Regular Audits: TUSD undergoes regular attestations and audits by independent accounting firms to verify that its tokens are fully backed by US dollar reserves.
  • Blockchain Compatibility: Similar to USDT, TUSD is available on multiple blockchains including Ethereum, Tron, Avalanche, and BNB Chain.
  • Market Position: While smaller than USDT in terms of market capitalization (approximately $1-3 billion), TUSD has established itself as a reputable alternative with a focus on regulatory compliance and transparency.

TUSD has positioned itself as a “legally protected” stablecoin, emphasizing its compliance with regulatory requirements and its transparency measures as key differentiators from other stablecoins in the market.

Key Differences Between USDT and TUSD

While both USDT and TUSD aim to provide a stable digital representation of the US dollar, they differ significantly in several important aspects:

1. Company Structure and Governance

USDT: Operated by Tether Limited, a company closely linked to the cryptocurrency exchange Bitfinex. The governance structure has been described as somewhat opaque, with limited public information about operational decision-making processes.

TUSD: Issued by TrustToken (now Archblock), a company that has emphasized compliance with US regulations. TUSD operates with a more transparent governance structure, with clearer information about key personnel and decision-making processes.

2. Reserve Composition

USDT: Initially claimed to be backed 100% by US dollars, Tether later revealed that its reserves include cash equivalents, other digital tokens, secured loans, and corporate bonds. The exact composition of reserves has changed over time and has been a subject of controversy.

TUSD: Claims to be backed 100% by US dollars held in escrow accounts at regulated financial institutions. The company emphasizes that it does not use other assets or investments as part of its reserves.

3. Transparency Practices

USDT: Has moved from quarterly to more frequent attestations of its reserves, though these have been criticized for not being full audits. The company has faced challenges in establishing consistent banking relationships and has been reluctant to disclose certain details about its operations.

TUSD: Provides real-time attestations of its US dollar reserves through partnerships with accounting firms. The escrow structure means that TrustToken does not have direct access to the reserve funds, adding an additional layer of security and transparency.

4. Regulatory Standing

USDT: Has faced regulatory challenges in multiple jurisdictions, including a settlement with the New York Attorney General in 2021 regarding allegations of commingling client and corporate funds and making false statements about its reserves.

TUSD: Has prioritized regulatory compliance from its inception, working within existing financial frameworks and obtaining necessary licenses in various jurisdictions. This approach has resulted in fewer regulatory controversies compared to USDT.

5. Market Adoption and Liquidity

USDT: Enjoys significantly higher market adoption and liquidity, making it easier to trade in large volumes across nearly all cryptocurrency exchanges.

TUSD: While available on many major exchanges, it has lower trading volumes and less market penetration than USDT, which can affect liquidity for large transactions.

Backing and Reserves: USDT vs TUSD

The backing and reserve structure of stablecoins is perhaps the most critical factor in determining their stability and trustworthiness. Here’s a detailed comparison of how USDT and TUSD manage their reserves:

USDT Reserve Structure

Tether’s reserve structure has evolved significantly since its launch:

  • Initial Claims: USDT was initially promoted as being backed 1:1 by US dollars in bank accounts.
  • Current Reserve Composition: According to Tether’s attestations, its reserves now include:
    • Cash and bank deposits
    • Commercial paper (short-term corporate debt)
    • Treasury bills
    • Secured loans
    • Corporate bonds, funds, and precious metals
    • Other investments, including digital tokens
  • Reserve Management: Tether Limited directly manages these reserves, which has raised concerns about potential conflicts of interest.
  • Attestation Process: Tether publishes attestations from accounting firms that review its reserves at specific points in time. These are not full audits but rather confirmations of reserve balances on particular dates.

The diversified nature of USDT’s reserves introduces additional risk factors compared to a pure cash-backed model, as the value of some reserve components may fluctuate. However, this structure potentially allows Tether to generate returns on its reserves, which could support the economics of the stablecoin.

TUSD Reserve Structure

TUSD employs a more straightforward and transparent reserve model:

  • 100% USD Backing: TUSD claims to be fully backed by US dollars held in escrow accounts at regulated third-party financial institutions.
  • Escrow Structure: The escrow arrangement means that the reserves are legally separated from TrustToken’s corporate funds and protected from creditor claims against the company.
  • Banking Partners: TUSD has established relationships with multiple regulated banks and trust companies to hold its reserve funds, reducing concentration risk.
  • Redemption Process: TUSD holders can redeem their tokens for US dollars directly through the TrueUSD platform, subject to identity verification and minimum redemption amounts.
  • Verification System: TUSD employs a real-time attestation system that allows users to verify the USD backing of tokens.

This more conservative approach to reserves aims to provide maximum stability and confidence for TUSD holders, though it may limit the issuer’s ability to generate revenue from the reserves themselves.

Transparency and Audits

Transparency practices represent one of the most significant areas of differentiation between USDT and TUSD, with implications for user trust and regulatory compliance.

USDT’s Transparency Measures

Tether’s approach to transparency has evolved over time, often in response to market pressures and regulatory scrutiny:

  • Attestation Reports: Tether publishes attestation reports that provide snapshots of its reserves at specific points in time, currently on a quarterly basis.
  • Limited Audit History: Despite promises to conduct full audits, Tether has not yet provided comprehensive audits by major accounting firms, citing challenges in finding auditors willing to work with cryptocurrency companies.
  • Legal Settlements: Following investigations by the New York Attorney General, Tether agreed to provide greater transparency about its reserves as part of a settlement in 2021.
  • Reserve Breakdown: Tether now provides a breakdown of its reserve composition by category, though specific investments and counterparties are not disclosed.
  • Controversy Impact: Questions about USDT’s backing have occasionally led to the token trading below its $1 peg during market stress periods, though these deviations have typically been temporary.

TUSD’s Transparency Measures

TUSD was designed with transparency as a core principle:

  • Independent Attestations: TUSD undergoes regular attestations by independent accounting firms that verify its dollar reserves match or exceed the number of tokens in circulation.
  • Real-Time Verification: TUSD offers a real-time dashboard showing the current supply of tokens and corresponding reserves, allowing for greater transparency than periodic reports.
  • Third-Party Trust Structure: The use of qualified custodians and trust companies to hold reserves provides an additional layer of verification and security.
  • Public Disclosures: TUSD publishes details about its banking partners and custody arrangements, offering users greater visibility into how their funds are managed.
  • Regulatory Compliance: By prioritizing transparency from its inception, TUSD has attempted to align with evolving regulatory expectations for stablecoins.

The different approaches to transparency reflect the founding philosophies of the two stablecoins: USDT emerged in the early days of cryptocurrency when regulatory frameworks were less developed, while TUSD was launched with regulatory compliance as a central consideration.

Market Adoption and Liquidity

The practical utility of a stablecoin is significantly influenced by its adoption rate and liquidity in the market. Here’s how USDT and TUSD compare in these critical areas:

USDT Market Position

  • Market Dominance: USDT is the largest stablecoin by market capitalization, consistently ranking among the top cryptocurrencies overall.
  • Trading Volume: USDT pairs account for a substantial portion of all cryptocurrency trading volume globally, often exceeding the volume of Bitcoin trading pairs.
  • Exchange Availability: USDT is supported by virtually all cryptocurrency exchanges, making it the most accessible stablecoin for traders worldwide.
  • Trading Pairs: Most cryptocurrencies have direct trading pairs with USDT, allowing for easy entry and exit without converting to other currencies first.
  • Liquidity Depth: USDT markets typically feature deep order books, enabling large trades with minimal slippage.
  • Global Usage: USDT has achieved significant adoption in regions with currency restrictions or banking limitations, serving as a dollar proxy in markets like China, Russia, and parts of Latin America.

The network effect of USDT’s early market lead has created a self-reinforcing cycle: more users and exchanges choose USDT because of its existing liquidity and widespread acceptance, which in turn further increases its adoption.

TUSD Market Position

  • Market Share: While substantial, TUSD’s market capitalization is significantly smaller than USDT’s, placing it among the secondary tier of stablecoins.
  • Trading Volume: TUSD sees meaningful but lower trading volumes compared to USDT, which can affect its utility for high-volume traders.
  • Exchange Support: TUSD is available on many major exchanges but has less universal support than USDT, particularly on smaller or regional exchanges.
  • Trading Pairs: TUSD has fewer direct trading pairs with other cryptocurrencies, potentially requiring additional conversion steps for traders.
  • Institutional Adoption: TUSD has gained some traction with institutional users who prioritize regulatory compliance and transparency over maximum liquidity.
  • Regional Strengths: TUSD has found adoption in markets where regulatory compliance is particularly valued, including parts of the United States and Asia.

Despite its smaller market share, TUSD has established a reputation as a reliable, compliant alternative to USDT, appealing to users who prioritize these attributes over maximum liquidity or universal acceptance.

Comparative Liquidity Analysis

When examining the practical implications of liquidity differences:

  • Large Transactions: For large-volume trades (>$1 million), USDT typically offers better execution with less price impact.
  • Arbitrage Opportunities: The higher liquidity of USDT makes it more efficient for arbitrage trading across exchanges.
  • Slippage Comparison: Average slippage for million-dollar trades might be under 0.1% for USDT versus 0.3-0.5% for TUSD (though these figures vary by exchange and market conditions).
  • Market Stress Behavior: During market turbulence, USDT markets typically maintain better liquidity, though they may experience more significant price deviations from the peg.

Technology and Infrastructure

The technical infrastructure underpinning stablecoins plays a crucial role in their functionality, security, and versatility. Both USDT and TUSD have developed sophisticated technical foundations, though with different approaches and priorities.

USDT’s Technical Architecture

USDT has expanded its technical footprint significantly since its launch:

  • Multi-Chain Implementation: Originally deployed on Bitcoin’s Omni Layer, USDT now operates across multiple blockchains, including:
    • Ethereum (ERC-20)
    • Tron (TRC-20)
    • Solana
    • Algorand
    • EOS
    • Liquid Network
    • Omni Layer (original)
    • Polygon
  • Chain Distribution: The majority of USDT tokens now circulate on Ethereum and Tron networks, with Tron gaining popularity due to lower transaction fees.
  • Smart Contract Implementation: On Ethereum and other smart contract platforms, USDT functions as a standard token, enabling integration with decentralized finance (DeFi) protocols and applications.
  • Cross-Chain Bridges: Tether has implemented various bridge mechanisms to allow users to move USDT between different blockchain networks.
  • Technical Risks: The multi-chain approach increases versatility but also creates additional attack surfaces and technical complexity to manage.

TUSD’s Technical Architecture

TUSD has adopted a more focused but still multi-chain approach:

  • Blockchain Support: TUSD operates primarily on:
    • Ethereum (ERC-20)
    • Tron (TRC-20)
    • BNB Chain (formerly Binance Smart Chain)
    • Avalanche
    • Fantom
  • Smart Contract Security: TUSD has placed significant emphasis on smart contract security, with multiple security audits and formal verification of its code.
  • On-Chain Verification: TUSD implements on-chain mechanisms that facilitate the verification of its reserve backing.
  • DeFi Integration: TUSD has focused on integration with decentralized finance protocols, particularly lending platforms and automated market makers.
  • Technical Governance: TUSD employs a more conservative approach to technical upgrades, prioritizing security and stability over rapid feature deployment.

Technical Comparison

When comparing the technical aspects of both stablecoins:

  • Network Coverage: USDT supports more blockchain networks, offering users greater flexibility in choosing their preferred platform.
  • Transaction Speeds: Both stablecoins inherit the transaction speeds of their underlying blockchains, with Tron-based versions typically offering faster and cheaper transactions than Ethereum-based ones.
  • Gas Efficiency: Neither stablecoin has significant advantages in terms of gas efficiency on the same blockchain, though implementation details can create minor differences.
  • Technical Innovation: USDT has generally been more aggressive in expanding to new blockchains, while TUSD has focused more on security and compliance features.
  • Smart Contract Risk: Both stablecoins face smart contract risks on their respective blockchains, though the larger market cap of USDT potentially makes it a more attractive target for attackers.

The technical decisions made by each stablecoin reflect their broader priorities: USDT has prioritized widespread availability across multiple platforms, while TUSD has emphasized security and regulatory compliance in its technical implementation.

Regulatory Compliance and Legal Issues

The regulatory landscape for stablecoins has evolved significantly in recent years, with increasing scrutiny from financial authorities worldwide. USDT and TUSD have taken different approaches to navigating this complex regulatory environment.

USDT’s Regulatory History

Tether has faced several significant regulatory challenges:

  • New York Attorney General Investigation: In 2019, the New York Attorney General began investigating Tether and Bitfinex regarding alleged commingling of funds and misrepresentations about USDT’s backing. The case was settled in February 2021, with Tether agreeing to pay $18.5 million and commit to enhanced transparency measures without admitting wrongdoing.
  • CFTC Settlement: In October 2021, Tether agreed to pay $41 million to settle charges from the Commodity Futures Trading Commission (CFTC) that it had made untrue or misleading statements about its reserves.
  • Banking Relationships: Tether has faced challenges maintaining stable banking relationships, with several banks terminating services over the years, forcing the company to change banking providers multiple times.
  • Ongoing Scrutiny: Tether continues to face regulatory attention, particularly regarding questions about the composition of its reserves and its role in the broader cryptocurrency market.
  • International Compliance: Tether has implemented know-your-customer (KYC) and anti-money laundering (AML) procedures, though these have sometimes been criticized as less rigorous than those of traditional financial institutions.

TUSD’s Regulatory Approach

TUSD was designed with regulatory compliance as a founding principle:

  • Proactive Compliance: TrustToken built its TUSD platform with regulatory requirements in mind from inception, implementing robust KYC/AML procedures and working within existing financial frameworks.
  • Legal Structure: The escrow arrangement for TUSD’s reserves was specifically designed to provide legal protections for token holders and clear separation of funds.
  • Banking Partnerships: TUSD has established relationships with regulated financial institutions in the United States, providing a more stable foundation for its operations.
  • Regulatory Engagement: The company behind TUSD has actively engaged with regulators and sought to align its practices with evolving regulatory expectations for stablecoins.
  • Minimal Regulatory Actions: To date, TUSD has not faced significant enforcement actions from regulatory authorities, suggesting its compliance-first approach has been relatively successful.

Comparative Regulatory Standing

The different regulatory approaches have resulted in distinct positions for the two stablecoins:

  • Regulatory Risk: USDT generally carries higher regulatory risk due to its history of regulatory issues and the ongoing scrutiny it faces from authorities.
  • Institutional Acceptance: TUSD’s focus on compliance has made it more attractive to institutional users who prioritize regulatory certainty, though USDT’s liquidity advantages still make it the preferred choice for many institutions despite the regulatory concerns.
  • Future Regulatory Impact: As stablecoin regulation continues to evolve globally, USDT may face greater adaptation challenges due to its established practices, while TUSD’s compliance-focused model may require fewer adjustments.
  • Banking Integration: TUSD generally enjoys more stable relationships with traditional banking institutions, potentially offering advantages for users who need to move between crypto and traditional financial systems.

The regulatory dimension represents one of the clearest differentiators between these two stablecoins, reflecting fundamentally different philosophies about how cryptocurrency businesses should interact with existing financial regulations.

Transaction Fees and Speed

Transaction costs and processing times are practical considerations that significantly impact user experience. For both USDT and TUSD, these factors are largely determined by the underlying blockchain networks they operate on rather than by the stablecoins themselves.

USDT Transaction Characteristics

Given its multi-chain implementation, USDT’s transaction parameters vary by network:

  • Ethereum (ERC-20):
    • Fees: Variable based on network congestion, ranging from a few dollars to over $50 during peak periods
    • Confirmation Time: Typically 1-5 minutes depending on gas price
    • Scalability: Limited by Ethereum’s current throughput (approximately 15-30 transactions per second)
  • Tron (TRC-20):
    • Fees: Significantly lower than Ethereum, typically less than $0.10
    • Confirmation Time: Usually 3-5 seconds
    • Scalability: Higher throughput than Ethereum (claimed 2,000+ transactions per second)
  • Solana:
    • Fees: Very low, typically less than $0.01
    • Confirmation Time: Approximately 400-600 milliseconds
    • Scalability: High throughput (claimed 50,000+ transactions per second)
  • Omni Layer (Bitcoin):
    • Fees: Variable Bitcoin network fees, typically higher than alternatives
    • Confirmation Time: 10+ minutes depending on Bitcoin network conditions
    • Scalability: Limited by Bitcoin’s throughput

TUSD Transaction Characteristics

TUSD offers a similar range of options across its supported networks:

  • Ethereum (ERC-20):
    • Fees: Identical to USDT on Ethereum, determined by network conditions
    • Confirmation Time: 1-5 minutes depending on gas price
    • Scalability: Limited by Ethereum’s throughput
  • Tron (TRC-20):
    • Fees: Very low, comparable to USDT on Tron
    • Confirmation Time: 3-5 seconds
    • Scalability: Higher than Ethereum
  • BNB Chain:
    • Fees: Typically under $0.50
    • Confirmation Time: Approximately 3 seconds
    • Scalability: Higher throughput than Ethereum
  • Avalanche:
    • Fees: Usually under $1
    • Confirmation Time: 1-2 seconds
    • Scalability: High throughput

Comparative Analysis of Transaction Efficiency

When comparing the transaction efficiency of USDT and TUSD:

  • Network Selection Impact: The choice of blockchain network has a far greater impact on transaction costs and speed than the choice between USDT and TUSD. For example, both stablecoins are significantly cheaper and faster to transact on Tron compared to Ethereum.
  • Availability Trade-offs: USDT offers more blockchain options, potentially allowing users to select the most cost-effective network for their specific needs.
  • Exchange Withdrawal Options: Major exchanges typically offer multiple network options for both stablecoins, allowing users to choose based on their priorities (speed vs. cost).
  • Network Congestion Response: During periods of high network congestion, both stablecoins are equally affected on their respective blockchains.
  • Layer 2 Solutions: Both stablecoins have been integrated into various Layer 2 scaling solutions on Ethereum (such as Polygon and Arbitrum), offering additional options for reducing transaction costs.

From a pure transaction cost and speed perspective, there is little meaningful differentiation between USDT and TUSD when used on the same blockchain network. The significant differences appear when comparing across different blockchains, with newer networks generally offering better performance than Ethereum for both stablecoins.

Stability Mechanisms

The primary purpose of stablecoins is to maintain a consistent value pegged to their reference asset (typically the US dollar). Both USDT and TUSD employ various mechanisms to ensure this stability, though with different approaches and varying degrees of effectiveness.

USDT Stability Mechanisms

Tether employs several methods to maintain USDT’s peg to the US dollar:

  • Reserve Management: The fundamental stability mechanism for USDT is its claimed backing by reserves that equal or exceed the value of all USDT in circulation.
  • Issuance and Redemption: Tether issues new USDT when customers deposit USD and redeems USDT for USD when customers want to exit, though this service is primarily available to institutional clients and exchange partners rather than retail users.
  • Market Arbitrage: Tether relies heavily on market arbitrage to maintain its peg. If USDT trades below $1 on exchanges, arbitrageurs can theoretically buy it at a discount and redeem it for $1 (though practical limitations exist).
  • Reserve Diversification: Tether manages its reserves across various assets to balance stability, liquidity, and yield, though this diversification introduces additional risk factors.
  • Emergency Measures: During periods of extreme market stress, Tether has occasionally engaged in direct market interventions to support the peg, though details of these operations are limited.

TUSD Stability Mechanisms

TUSD takes a more straightforward approach to maintaining its peg:

  • Full Dollar Backing: TUSD’s primary stability mechanism is its 1:1 backing with US dollars held in escrow accounts at regulated financial institutions.
  • Direct Redemption: TUSD allows users to redeem their tokens directly for US dollars through its platform, subject to identity verification and minimum amounts.
  • Transparent Reserves: The transparency of TUSD’s reserves is designed to maintain market confidence in its backing, supporting the peg during market stress.
  • Legal Protections: The escrow structure provides legal protections that segregate reserve funds from operational assets, reducing counterparty risk.
  • Limited Reserve Risk: By maintaining reserves solely in cash and cash equivalents rather than diversified investments, TUSD aims to eliminate valuation risk in its backing.

Historical Stability Performance

Examining how each stablecoin has maintained its peg historically provides insights into the effectiveness of their stability mechanisms:

  • USDT Price Volatility: USDT has experienced several significant deviations from its $1 peg:
    • In October 2018, USDT traded as low as $0.85 on some exchanges amid concerns about Tether’s banking relationships.
    • During the March 2020 market crash, USDT briefly traded at a premium above $1.05 on some exchanges.
    • Smaller deviations of 1-3% have occurred periodically during market stress events.
  • TUSD Price Volatility: TUSD has generally maintained a tighter peg to the dollar:
    • Historical deviations have typically been smaller, rarely exceeding 2% even during market stress.
    • During the March 2020 crash, TUSD maintained better stability than USDT on many exchanges.
    • TUSD has occasionally traded at slight premiums during periods of high stablecoin demand.

While both stablecoins have generally succeeded in maintaining approximate parity with the US dollar, TUSD has demonstrated somewhat better stability during extreme market conditions, likely due to its more conservative reserve management and clearer redemption processes. However, USDT’s much larger market presence means it faces greater pressure during market-wide stress events, which may partially explain its larger historical deviations.

Security Features

Security is paramount for stablecoins, as they handle significant value and serve as critical infrastructure for the cryptocurrency ecosystem. Both USDT and TUSD implement various security measures, though with different emphases and approaches.

USDT Security Framework

Tether has implemented several security features to protect USDT:

  • Blockchain Security: USDT inherits the security properties of its underlying blockchains, with the majority of tokens secured by the Ethereum and Tron networks.
  • Smart Contract Controls: Tether maintains certain administrative functions in its smart contracts, including:
    • The ability to freeze addresses involved in illegal activities
    • Upgrade capabilities for contract improvements
    • Emergency pause functionality for addressing critical vulnerabilities
  • Operational Security: Tether employs security practices for its operational infrastructure, though detailed information about these measures is limited.
  • Multi-signature Requirements: Critical operations reportedly require multiple approvals from separate key holders.
  • Address Monitoring: Tether actively monitors blockchain activity for suspicious transactions.

TUSD Security Framework

TUSD has emphasized security and transparency in its design:

  • Smart Contract Security: TUSD’s smart contracts have undergone multiple security audits by reputable firms, with reports published publicly.
  • Formal Verification: Some components of TUSD’s smart contracts have undergone formal verification, a rigorous mathematical process that proves code behaves as intended.
  • Administrative Controls: Similar to USDT, TUSD maintains administrative capabilities including:
    • Address freezing for compliance or security purposes
    • Contract upgradability through transparent governance processes
    • Emergency response mechanisms
  • Multi-party Custody: TUSD implements multi-party custody systems for critical operations, reducing single points of failure.
  • Regulatory Compliance Security: TUSD’s focus on regulatory compliance includes additional security measures related to AML/KYC processes.

Security Track Record

Examining the security history of both stablecoins provides insights into the effectiveness of their security measures:

  • USDT Security Incidents:
    • In November 2017, Tether reported a hack resulting in the theft of $31 million USDT, which was addressed through a controversial hard fork of the Omni Layer protocol.
    • No major direct security breaches of USDT’s smart contracts have been reported since the transition to multiple blockchains.
    • Several phishing and scam attempts targeting USDT users have occurred, though these are not direct vulnerabilities in the protocol.
  • TUSD Security Incidents:
    • No major security breaches or exploits of TUSD’s smart contracts have been publicly reported.
    • The relatively smaller market capitalization of TUSD may make it a less attractive target for attackers compared to USDT.

Comparative Security Analysis

When comparing the security approaches of the two stablecoins:

  • Transparency Difference: TUSD provides more public information about its security measures and audit results, which may build greater confidence but also potentially exposes more details to potential attackers.
  • Centralization Risk: Both stablecoins maintain centralized control over critical functions (such as freezing and upgrading), creating similar centralization risks despite their operation on decentralized blockchains.
  • Operational Security: TUSD’s regulatory compliance focus likely results in more structured security practices, though USDT’s longer operational history has provided more real-world testing of its security systems.
  • Attack Surface: USDT’s presence across more blockchains creates a larger attack surface to secure, potentially increasing security complexity.

Both stablecoins have maintained relatively strong security records in recent years, with no major direct exploits of their core protocols. The primary security concerns for both relate more to centralization risks and the security of their operational infrastructure rather than vulnerabilities in their blockchain implementations.

Use Cases: USDT vs TUSD

While both USDT and TUSD serve as dollar-pegged stablecoins, they have developed somewhat different use case profiles based on their unique characteristics, market positions, and user preferences.

Primary Use Cases for USDT

USDT has established itself as the dominant stablecoin across several key use cases:

  • Trading Pairs Base: USDT serves as the primary quote currency for most cryptocurrency trading pairs on major exchanges, functioning essentially as the “USD of crypto.”
  • Liquidity Buffer: Traders often use USDT as a temporary haven during market volatility, quickly converting volatile assets to USDT without exiting to fiat.
  • Cross-Exchange Arbitrage: USDT’s universal acceptance makes it ideal for arbitrage between different cryptocurrency exchanges.
  • Remittances and Cross-Border Payments: In regions with currency controls or limited banking access, USDT serves as a dollar proxy for international transfers.
  • DeFi Participation: USDT is widely used in decentralized finance protocols for lending, yield farming, and liquidity provision.
  • OTC Trading: Large over-the-counter trades often settle in USDT due to its liquidity and widespread acceptance.

Primary Use Cases for TUSD

TUSD has carved out its niche with particular strengths in the following areas:

  • Compliant Digital Dollar: TUSD appeals to users and institutions that prioritize regulatory compliance and transparency, particularly those in jurisdictions with strict financial regulations.
  • Institutional Treasury Management: Some institutions use TUSD for treasury operations due to its transparent backing and regulatory approach.
  • Fiat On/Off Ramp: TUSD’s direct redemption capability makes it useful for moving between cryptocurrency and the traditional financial system.
  • Lower-Risk DeFi: TUSD is positioned as a more conservative stablecoin option in decentralized finance applications.
  • Corporate Payments: Businesses requiring compliant dollar-denominated digital payments sometimes prefer TUSD for its regulatory focus.
  • Hedging Against USDT Risk: Some users diversify their stablecoin holdings with TUSD as a hedge against potential regulatory or reserve risks associated with USDT.

Comparative Use Case Analysis

The functional differences between USDT and TUSD lead to distinct patterns in how they are used:

  • Trading vs. Holding: USDT dominates in active trading scenarios due to its liquidity, while TUSD may be preferred for longer-term holdings by more risk-averse users.
  • Regulatory Sensitivity: Users and businesses operating in highly regulated environments may prefer TUSD for its compliance focus, while those prioritizing flexibility and universal acceptance often choose USDT.
  • Volume vs. Stability: High-volume traders typically default to USDT for its deeper liquidity, while those prioritizing minimal peg deviation might prefer TUSD.
  • Geographic Patterns: USDT has particularly strong adoption in Asia and emerging markets, while TUSD sees proportionally higher usage in North America and Europe where regulatory considerations are often prioritized.
  • Institutional vs. Retail: While both serve institutional and retail users, TUSD has positioned itself more deliberately for institutional adoption through its compliance mechanisms.

In practice, many sophisticated users maintain positions in both stablecoins, using USDT for its universal liquidity and trading utility while holding TUSD as part of a diversified stablecoin portfolio that reduces exposure to any single issuer’s risks.

Trading Platforms and Exchanges

The availability and trading conditions for stablecoins across various exchanges significantly impact their utility and accessibility. USDT and TUSD have different levels of exchange integration, affecting their practical usability for traders and investors.

USDT Exchange Presence

USDT enjoys near-universal acceptance across the cryptocurrency exchange ecosystem:

  • Exchange Coverage: Available on virtually all major cryptocurrency exchanges, including Binance, Coinbase, FTX, Kraken, Huobi, OKX, and hundreds of smaller platforms.
  • Trading Pairs: Most cryptocurrencies have direct USDT trading pairs, with USDT markets often having the highest trading volumes.
  • Fiat Gateways: Many exchanges offer direct fiat-to-USDT and USDT-to-fiat conversion options.
  • Network Options: Major exchanges typically support USDT withdrawals and deposits across multiple blockchain networks (Ethereum, Tron, Solana, etc.).
  • Derivatives Markets: USDT is commonly used as collateral and settlement currency for futures, options, and perpetual contracts.
  • Market Depth: USDT markets typically feature the deepest order books and tightest spreads due to high trading volumes.

TUSD Exchange Presence

TUSD has established a meaningful but more limited exchange footprint:

  • Exchange Coverage: Available on many major exchanges including Binance, Coinbase, Huobi, and OKX, but with less comprehensive coverage across smaller platforms.
  • Trading Pairs: Typically offers trading pairs with major cryptocurrencies (BTC, ETH) but has fewer direct pairs with smaller altcoins compared to USDT.
  • Fiat Gateways: Supported by some but not all fiat on/off ramp services, with direct USD-TUSD conversion available through TrueUSD’s platform for verified users.
  • Network Availability: Major exchanges generally support TUSD across its main blockchain implementations, though with fewer options than USDT.
  • Derivatives Integration: Limited use in derivatives markets compared to USDT, though this is gradually expanding.
  • Market Depth: TUSD markets typically have less depth and wider spreads compared to equivalent USDT markets.

Exchange Policies and Relationships

Exchanges have developed different relationships with these stablecoins:

  • Fee Structures: Some exchanges offer lower trading fees for USDT pairs due to their higher volumes, creating a competitive advantage over TUSD pairs.
  • Exchange Tokenomics: Certain exchanges have developed deeper integration with specific stablecoins. For example, Binance has historically had a close relationship with USDT, while Coinbase was an early supporter of TUSD.
  • Withdrawal Costs: Withdrawal fees for both stablecoins are typically similar on the same blockchain network, though USDT’s multi-chain availability often provides more cost-effective options.
  • Priority Listing: New cryptocurrencies typically list USDT pairs first due to its market dominance, with TUSD pairs added later if at all.

Trading Experience Comparison

The practical trading experience differs between the two stablecoins:

  • Slippage Comparison: For equivalent trade sizes, USDT markets typically exhibit lower slippage due to higher liquidity, particularly for trades exceeding $100,000.
  • Cross-Exchange Arbitrage: USDT’s universal presence makes it more efficient for arbitrage trading between different exchanges.
  • Market Impact: Large TUSD trades may have more significant price impact compared to USDT due to thinner order books.
  • Exchange Availability: Traders using smaller or regional exchanges may have access only to USDT, limiting their ability to use TUSD.

While both stablecoins provide the basic functionality of a digital dollar within the cryptocurrency ecosystem, USDT’s significantly broader exchange integration and deeper liquidity provide practical advantages for active traders, particularly those engaging in high-volume trading or operating across multiple exchanges.

Wallet Compatibility

The ability to store, send, and receive stablecoins across various wallet solutions is an important aspect of their usability. Both USDT and TUSD are widely supported by cryptocurrency wallets, though with some differences in coverage and functionality.

USDT Wallet Support

As the market-leading stablecoin, USDT enjoys comprehensive wallet support:

  • Hardware Wallets: Fully supported by major hardware wallet providers including Ledger, Trezor, and KeepKey across multiple blockchains.
  • Mobile Wallets: Compatible with virtually all major mobile cryptocurrency wallets including Trust Wallet, MetaMask Mobile, Exodus, Atomic Wallet, and blockchain-specific wallets.
  • Desktop Wallets: Supported by desktop wallet solutions such as Exodus, Atomic Wallet, MetaMask, and MyEtherWallet.
  • Web Wallets: Compatible with web-based wallet interfaces including MetaMask, MyEtherWallet, and TronLink.
  • Custody Solutions: Integrated with institutional custody platforms from providers like BitGo, Fireblocks, and Coinbase Custody.
  • Multi-Chain Support: Many wallets support USDT across multiple blockchains, allowing users to choose their preferred network.

TUSD Wallet Support

TUSD also has strong wallet compatibility, though with somewhat less comprehensive coverage:

  • Hardware Wallets: Supported by major hardware wallets including Ledger and Trezor for its ERC-20 implementation, with more limited support for other blockchain versions.
  • Mobile Wallets: Compatible with many popular mobile wallets including Trust Wallet, MetaMask Mobile, and Exodus, though integration may be less universal than USDT.
  • Desktop Wallets: Supported by mainstream desktop wallet solutions, particularly for its Ethereum implementation.
  • Web Wallets: Works with common web wallet interfaces, especially those focused on Ethereum and other supported blockchains.
  • Custody Solutions: Integrated with several institutional custody providers, particularly those emphasizing regulatory compliance.
  • Multi-Chain Availability: Multi-chain support in wallets is growing but may be less comprehensive than for USDT.

Wallet Integration Differences

Several notable differences exist in how wallets integrate these stablecoins:

  • Default Visibility: USDT is more commonly included in default token lists in wallets, while TUSD sometimes requires manual addition.
  • Implementation Support: Wallets are more likely to support multiple blockchain implementations of USDT compared to TUSD.
  • Integration Depth: Some wallets provide enhanced features for USDT due to its market dominance, such as dedicated swap interfaces or specialized display options.
  • Update Priority: When new blockchain implementations are released, wallet providers typically prioritize USDT integration before TUSD.

User Experience Considerations

From a practical user perspective:

  • Setup Process: Setting up a wallet to use USDT is often slightly easier due to better default integration and more comprehensive guides/documentation.
  • Cross-Platform Consistency: Users of multiple wallet solutions may find more consistent USDT support across their various wallets.
  • Technical Support: Wallet providers typically have more developed support resources for USDT-related issues due to higher user demand.
  • Feature Parity: For basic sending and receiving functionality, both stablecoins have similar capabilities when supported by a wallet.

While both stablecoins offer good wallet compatibility overall, USDT’s market dominance has resulted in more universal and often better-integrated wallet support, creating a slightly more seamless user experience in most wallet environments. However, for users primarily operating on Ethereum or other major blockchains and using mainstream wallet solutions, the practical differences in wallet compatibility are minimal.

Historical Performance and Stability

The historical performance of stablecoins—particularly how well they’ve maintained their peg to the US dollar—provides valuable insights into their reliability and stability mechanisms. Both USDT and TUSD have distinct track records worth examining.

USDT Price History and Deviations

USDT has experienced several notable deviations from its $1 peg throughout its history:

  • October 2018 Crisis: USDT experienced its most significant deviation in October 2018, when concerns about Tether’s banking relationships and reserve backing led to a sharp sell-off. USDT traded as low as $0.85 on some exchanges, representing a 15% deviation from its peg.
  • March 2020 Market Crash: During the COVID-19-induced market crash, USDT briefly traded at premiums up to 5% on some exchanges as demand for stablecoins surged amid extreme market volatility.
  • May 2022 Terra/Luna Collapse: Following the collapse of the Terra ecosystem and its algorithmic stablecoin UST, USDT briefly dipped to around $0.95 as market panic spread to other stablecoins.
  • Typical Range: Outside of crisis periods, USDT typically trades within a range of $0.995 to $1.005 on major exchanges, with temporary deviations during high market volatility.
  • Premium in Certain Markets: USDT consistently trades at small premiums in markets with currency controls or limited USD access, such as China and certain emerging markets.

TUSD Price History and Deviations

TUSD has generally maintained a tighter peg to the US dollar:

  • Launch Period Stability: When TUSD launched in 2018, it maintained remarkably close parity with the US dollar during its early months despite the volatility affecting other stablecoins like USDT.
  • March 2020 Performance: During the March 2020 market crash, TUSD experienced smaller deviations from its peg compared to USDT, typically remaining within 2% of its target value.
  • May 2022 Stability: TUSD showed resilience during the Terra/Luna collapse, with minimal deviation from its peg compared to other stablecoins.
  • Typical Range: Under normal market conditions, TUSD typically trades within an even tighter range of $0.997 to $1.003 on major exchanges.
  • Lower Volatility: Overall, TUSD has demonstrated lower price volatility and fewer significant deviations from its peg compared to USDT.

Comparative Stability Analysis

Several factors contribute to the different stability profiles of these stablecoins:

  • Market Depth Impact: USDT’s much larger market capitalization means it faces greater selling pressure during market-wide crises, potentially explaining some of its larger deviations.
  • Reserve Transparency Effect: TUSD’s more transparent reserve structure may contribute to market confidence during periods of uncertainty, helping maintain its peg.
  • Redemption Mechanisms: TUSD’s clearer redemption process for verified users may provide a more effective arbitrage mechanism for maintaining the peg.
  • Risk Perception: Market perception of higher risk associated with USDT due to its regulatory history may contribute to more pronounced price movements during stress periods.
  • Trading Volume Differences: USDT’s much higher trading volumes mean market forces typically work more efficiently to restore its peg after small deviations, but can also amplify movements during panic events.

Statistical Comparison

A quantitative comparison of historical stability metrics reveals:

  • Standard Deviation: TUSD has demonstrated a lower standard deviation of daily price changes compared to USDT over most measurement periods.
  • Maximum Drawdown: USDT has experienced more significant maximum deviations from its peg in both directions (premium and discount).
  • Recovery Time: After significant deviations, USDT typically returns to its peg more quickly due to higher market liquidity, though TUSD experiences fewer severe deviations requiring recovery.
  • Correlation with Market Volatility: USDT price deviations show stronger correlation with overall cryptocurrency market volatility compared to TUSD.

Historical performance data suggests that TUSD has maintained a more consistent peg to the US dollar, particularly during market stress events. However, USDT’s vastly larger market presence means it has faced more significant challenges in maintaining its peg during extreme market conditions, while also demonstrating resilience by recovering from deviations relatively quickly due to its deep liquidity.

Community and Governance

The governance structures and community engagement models of stablecoins influence their development direction, transparency, and adaptability. USDT and TUSD employ distinctly different approaches to governance and community involvement.

USDT Governance Structure

Tether operates with a relatively centralized governance model:

  • Corporate Control: Decision-making for USDT is primarily conducted by Tether Limited’s management team, with close ties to the cryptocurrency exchange Bitfinex.
  • Limited Transparency: The governance process for USDT is not publicly documented in detail, with major decisions typically announced after they have been made.
  • Operational Authority: Tether maintains complete control over key operations including:
    • Issuance and redemption of tokens
    • Management of reserves
    • Implementation of protocol upgrades
    • Address freezing and blacklisting
  • Community Input: There is no formal mechanism for community input into governance decisions, though Tether does consider market feedback and user needs in its development roadmap.
  • Communication Channels: Tether communicates with users primarily through blog posts, social media, and exchange partnerships rather than through direct community engagement forums.

TUSD Governance Structure

TUSD employs a more structured governance approach with greater transparency:

  • Corporate Framework: TUSD is governed by TrustToken (now Archblock), which maintains a more traditional corporate structure with defined roles and responsibilities.
  • Documented Processes: The governance processes for TUSD are more clearly documented, including procedures for reserve management and token issuance/redemption.
  • Operational Authority: Like USDT, TUSD’s core operations remain controlled by the issuing company, including:
    • Token issuance and redemption
    • Smart contract upgrades
    • Compliance procedures
  • Stakeholder Engagement: TUSD has more established channels for engaging with institutional stakeholders and partners, including regular communication with financial institutions holding its reserves.
  • Transparency Measures: TUSD publishes more detailed information about governance decisions and changes to its protocol or policies.

Community Engagement Comparison

The community engagement models of the two stablecoins differ substantially:

  • USDT Community Dynamics:
    • No formal community governance structure or voting mechanism
    • Limited direct engagement with users outside of customer support
    • Relies heavily on exchange partnerships for user feedback
    • Has developed a large but largely passive user community
  • TUSD Community Dynamics:
    • More active engagement with institutional users and partners
    • Greater emphasis on educational content and transparency communications
    • More responsive to community feedback on features and improvements
    • Smaller but more engaged user community

Governance Evolution

Both stablecoins have evolved their governance approaches over time:

  • USDT Governance Changes:
    • Increased transparency in response to regulatory pressure and market demands
    • More frequent reserve attestations and disclosures
    • Improved communication about major protocol updates
  • TUSD Governance Changes:
    • Enhanced compliance frameworks as regulatory expectations have evolved
    • More detailed public documentation of policies and procedures
    • Expanded institutional relationships and partnerships

Neither USDT nor TUSD has adopted the decentralized governance models seen in some cryptocurrency projects, instead maintaining traditional corporate control structures. However, TUSD has generally demonstrated greater transparency and formality in its governance processes, while USDT has operated with more opacity but has gradually improved its communication and disclosure practices in response to market and regulatory pressures.

Future Outlook for USDT and TUSD

The stablecoin landscape continues to evolve rapidly, influenced by technological developments, regulatory changes, and market dynamics. Both USDT and TUSD face distinct challenges and opportunities in the coming years.

USDT Future Prospects

Several factors will likely shape USDT’s future trajectory:

  • Regulatory Challenges: USDT faces ongoing regulatory scrutiny that could impact its operations, with potential requirements for enhanced transparency, capital reserves, or operational changes.
  • Market Competition: While currently dominant, USDT faces growing competition from both established stablecoins and new entrants, including bank-issued stablecoins and potential central bank digital currencies (CBDCs).
  • Technological Evolution: USDT will likely continue expanding to additional blockchain platforms while improving its technical infrastructure to enhance security and efficiency.
  • Reserve Management: Tether may face pressure to adopt more conservative reserve management practices or provide greater transparency about its investments.
  • Institutional Adoption: USDT’s role in institutional cryptocurrency adoption will depend on its ability to address concerns about reserve backing and regulatory compliance.

TUSD Future Prospects

TUSD’s future development will likely focus on its core differentiators:

  • Regulatory Alignment: TUSD is well-positioned to adapt to evolving stablecoin regulations due to its existing focus on compliance and transparency.
  • Institutional Focus: The stablecoin may continue to target institutional users and regulated entities that prioritize compliance over maximum liquidity.
  • Integration Expansion: TUSD will likely pursue broader integration with both traditional financial systems and decentralized finance protocols.
  • Enhanced Features: Potential development of additional features focused on programmability, compliance, and integration with emerging blockchain technologies.
  • Market Share Growth: While unlikely to displace USDT in trading volumes, TUSD may gradually increase its market share, particularly in more regulated markets.

Potential Industry Developments

Several broader trends may affect both stablecoins:

  • Regulatory Frameworks: The implementation of comprehensive stablecoin regulations in major jurisdictions could significantly reshape the competitive landscape, potentially benefiting more compliance-focused stablecoins like TUSD.
  • CBDC Impact: The introduction of central bank digital currencies could create both competition and opportunities for private stablecoins, potentially relegating them to specific use cases or market segments.
  • DeFi Integration: Both stablecoins will likely become more deeply integrated with decentralized finance protocols, requiring enhanced security and scalability features.
  • Cross-Chain Functionality: Improvements in cross-chain technology may reduce the importance of multi-chain implementations while enhancing interoperability.
  • Market Consolidation: The stablecoin market may experience consolidation, with smaller players being acquired or losing market share to dominant stablecoins.

Comparative Future Positioning

USDT and TUSD appear positioned for different future roles:

  • USDT’s Likely Evolution: Likely to remain the dominant trading stablecoin in the near term while gradually adapting to regulatory requirements, potentially with adjustments to its reserve management and transparency practices.
  • TUSD’s Likely Evolution: Positioned to benefit from increased regulatory clarity and institutional adoption of cryptocurrencies, potentially growing its market share in compliance-sensitive applications while maintaining its focus on transparency and legal protections.

The future success of both stablecoins will depend significantly on their ability to adapt to regulatory changes while maintaining their core value propositions for users. USDT’s challenge will be preserving its market dominance while addressing regulatory concerns, while TUSD must expand its market presence while maintaining its compliance-focused approach.

Choosing Between USDT and TUSD

Selecting the most appropriate stablecoin depends on individual needs, priorities, and use cases. Here’s a framework for deciding between USDT and TUSD based on different factors and user profiles.

Key Decision Factors

Consider these primary factors when choosing between USDT and TUSD:

  • Liquidity Requirements: If immediate access to deep liquidity across many exchanges is your top priority, USDT typically offers advantages due to its higher trading volumes and more universal exchange support.
  • Regulatory Concerns: Users with significant regulatory compliance requirements may prefer TUSD for its more transparent reserve structure and compliance-focused approach.
  • Risk Tolerance: Those with lower risk tolerance might prefer TUSD’s more conservative reserve management and better historical peg stability during market stress.
  • Geographic Considerations: Users in regions with limited banking access or currency restrictions may find USDT more widely accepted and easier to use.
  • Use Case Specifics: Trading-focused users typically benefit from USDT’s liquidity, while those using stablecoins for savings or business operations might prefer TUSD’s transparency.

User Profile Recommendations

Different user types may have distinct preferences:

  • Active Traders: Typically benefit most from USDT due to its superior liquidity, universal exchange support, and comprehensive trading pairs.
  • Institutional Investors: May prefer TUSD for its regulatory compliance focus, transparency, and reduced legal risk, particularly for treasury operations or client funds.
  • DeFi Participants: Both stablecoins are viable for DeFi, though USDT has wider protocol support while TUSD may offer reduced regulatory risk for some applications.
  • Business Users: Companies requiring compliant dollar-denominated transactions may prefer TUSD, while those prioritizing widespread acceptance might choose USDT.
  • Long-term Holders: Users planning to hold significant stablecoin balances for extended periods might prefer TUSD for its transparency and stability focus.

Best Practices for Stablecoin Usage

Regardless of which stablecoin you choose, consider these best practices:

  • Diversification: Consider holding multiple stablecoins to reduce issuer-specific risk, particularly for larger amounts.
  • Network Selection: Choose the appropriate blockchain implementation based on your needs for transaction speed, costs, and integration with other services.
  • Exchange Practices: Be aware of withdrawal fees and supported networks when moving stablecoins between exchanges.
  • Security Measures: Apply the same security practices for stablecoins as you would for other cryptocurrencies, including hardware wallet storage for significant amounts.
  • Stay Informed: Monitor developments related to your chosen stablecoin, including regulatory news, reserve attestations, and market conditions.

Hybrid Approach

Many sophisticated users adopt a hybrid approach to stablecoin usage:

  • Trading Allocation: Using USDT for active trading due to its liquidity advantages
  • Reserve Allocation: Holding longer-term reserves in TUSD or a combination of stablecoins
  • Use Case Optimization: Selecting the appropriate stabl
Prev Post

Next Post

Leave a Reply

Your email address will not be published. Required fields are marked *