The cryptocurrency company TrustToken has launched a new technology called AutoSweep that would improve the efficiency of smaller exchanges using the TrueUSD stablecoin. The technology has been integrated into a TrueUSD smart contract that would allow platforms to easily manage crypto wallets.
In an announcement released on Monday by the company, exchanges would be able to manage clients funds in a much easier way than before. It will allow the exchange to provide clients with a unique deposit address. This deposit address will be much to the exchange’s central wallet.
According to the press release shared by TrustToken, AutoSweep will work in a similar way as email aliases. About it they explained:
“With email aliases, users can set up multiple outward-facing addresses (e.g. [email protected]; [email protected] [email protected]) that receive emails into a single inbox. Likewise, AutoSweep allows anyone to create multiple outward-facing deposit Ethereum addresses that automatically settle into a single Ethereum wallet.”
In a conversation with CoinDesk, Terry Li, a software engineer at TrustToken commented that the feature can also benefit merchants and other companies that use the TrueUSD token. This will reduce the costs of exchanges since they will not have to aggregate all the users’ tokens into their hot wallet. It also includes less key management.
Gas Cosman, the head of product and engineering at TrustToken, mentioned that the new feature and implementation will be reducing fas costs for crypto exchanges and platforms. This means that each transaction will cost less than before to be sent through the network.
The information released by TrustToken is very important. The stablecoin market is becoming larger every single month. In 2018, several stablecoins were launched including USD Coin (USDC) or Gemini USD (GUSD). All of them are trying to fight for a spot among the top 20, something that was exclusive to Tether (USDT). Now, USDC was able to grow as well and is currently the 19th largest digital asset.
At the moment, TUSD is the 27th largest virtual currency in the market and the third largest stablecoin after USDT and USDC. With this implementation, new exchanges and platforms could start using this stablecoin for their daily activities.