Blockchain transactions were used essentially for its transparency as every detail was available to be seen publicly on the chain. However, business magnates quickly realized that it also requires to offer private ones causing many to be wary of making the switch to using crypto – also due to the volatility in the sector.
Solving these woes, TrustToken has tied up with Secret Network enabling TrustToken’s dollar-backed stablecoin TUSD to “secretly wrap their stablecoin.” In simple words, the digital asset will be converted to a ‘Secret TUSD’ therefore hiding the transaction.
Detailing on the process of masking financial transactions, TrustToken said in a statement that it aims to bring “privacy-preserving smart contracts to stablecoins for the first time, [and enable] 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.”
Commenting on this announcement and what it might mean for the blockchain ecosystem, CPO and Co-Founder of Enigma Can Kisagun said: “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.”
Echoing a similar sentiment, CEO and Co-Founder of TrustToken Rafael Cosman added:
“Most of the DeFi community acknowledges, and has to a certain extent accepted, significant downsides in terms of privacy.”
Furthermore, privacy-preserving applications – or Secret Apps – built on Secret Network can use encrypted data hiding the nodes on network to all, “which can then through secret nodes be secretly deployed onto the Secret Network,” the company said.