How to file your TrueUSD (TUSD) taxes with Koinly

TrueUSD (TUSD) is a multi-chain stablecoin, pegged to the USD at a 1:1 ratio, available on the Ethereum, Tron, Avalanche, and Binance Smart Chain blockchains. But despite being pegged to the USD and traded as dollars, TUSD is still considered a crypto asset, which means that investing in it may result in a tax liability. Koinly can help you calculate taxes for TUSD as well as for thousands of other tokens, across multiple blockchains. Here’s how.

  1. Sign up to Koinly and choose your country and currency

  2. Connect your blockchain(s) with Koinly to import all your trades safely and securely - including multichain tokens like TUSD.

  3. Koinly identifies the cost basis of all your coins and tokens, as well as your taxable transactions.

  4. Koinly calculates any capital gains, losses, and income from your taxable transactions

  5. Koinly generates your crypto tax report - ready to help you file with your tax office, or hand it over to your accountant.

How are TrueUSD transactions taxed?

Despite effectively working as a tokenized dollar, because your TUSD is a crypto asset, from a tax perspective it's still a kind of property and therefore has distinct tax implications that differ from fiat currencies. The tax implications vary depending on where you live, so read our crypto tax guides for more information. But, generally speaking, two taxes may apply to your TUSD transactions:

  • Capital Gains Tax:  When you sell, swap, or spend TUSD, you may need to pay Capital Gains Tax on any gain you made as a result - even if it’s minimal.

  • Income Tax: When you earn TUSD tokens - for example, through staking rewards - you may need to pay Income Tax based on the fair market value of your TUSD in your fiat currency at the point you received them.

Can the IRS track TUSD?

Almost all blockchains - excluding private blockchains - are public ledgers. That means anyone, including the IRS, can search and find transactions relating to a specific wallet. After this, all the IRS needs to do is be able to link your identity to a given wallet or transaction.

There are a couple of ways the IRS can do this. One of the more aggressive methods is utilizing John Doe summons to compel centralized crypto exchanges to share customer data, potentially including details on any wallets you’ve transferred to or from using a centralized crypto exchange.

As well as this, in an attempt to comply with current confusing regulations, many centralized crypto exchanges issue what’s known as a 1099 form - a kind of form that reports income from sources other than your employer. You may receive a 1099 form if you’re earning over a certain amount in crypto, or if you’ve traded a certain volume of crypto. But remember, whenever you get a 1099 form, the IRS gets an identical copy.

Learn more about how the IRS tracks crypto.

How to get TrueUSD tax documents

It varies depending on where you live, but you’ll generally need to report your gains, losses, and income from TUSD investments in your annual tax return.

This starts by calculating your TUSD gains and losses - even if they’re negligible - as well as the fair market value of any income from TUSD in your fiat currency on the day you received it. Even though gains and losses from stablecoins like TUSD may be negligible, many tax offices - including the IRS - want you to report every single disposal of crypto, regardless of a gain or loss.

These requirements can make crypto tax painfully time-consuming, which is why most opt to use a crypto and TUSD tax calculator like Koinly. Koinly can calculate your gains, losses, and income for hundreds of thousands of coins and tokens - including TrueUSD.

All you need to do is connect your blockchain to Koinly and it’ll do the rest. Here’s how.

How to import TrueUSD transactions to Koinly automatically

To import your TUSD transactions into Koinly, you’ll need to connect each blockchain you use to interact with TUSD to Koinly. As TrueUSD is a multi-chain token, this means you may need to connect to multiple blockchains in order to import your complete TUSD transaction history, for example, Ethereum, Binance Smart Chain, Avalanche, and Tron.

This is really easy to do, you just need your public address from each blockchain - but remember, you’ll need to do this for each wallet you use to interact with TrueUSD in order for Koinly to correctly identify your cost basis, transfers, sales, swaps, and more.

You can find steps on how to connect a variety of popular wallets to Koinly on our integration pages, but here’s an example of how it generally works.

In your wallet

  1. Open or log in to your wallet

  2. Select the blockchain you’d like to connect to - for example, Ethereum or Binance Smart Chain

  3. Copy your public address

On Koinly

  1. Sign up or log in to your Koinly account and go to the wallets page

  2. Search for and select the blockchain you’d like to connect to - for example, Ethereum or Binance Smart Chain

  3. Give your wallet a name - for example - MetaMask or Trust Wallet

  4. Paste your public address

  5. Select import


  1. Remember, you’ll need to do this for every wallet you use to interact with TUSD (and any other tokens!) in order to calculate your crypto taxes correctly. As TrueUSD is multi-chain, you’ll need to add your public address to Koinly from each blockchain (and wallet!) in order to import your complete transaction history.

  2. It’s really helpful to name your wallets when you’re adding them to Koinly. You'll be able to find transactions much more easily later on.

  3. You may also be able to upload your transaction history to Koinly as a CSV file instead of connecting using your public address if you prefer, but this depends on the wallet you’re using. You can search for your wallet on our integration pages to find out more about how to get a CSV file from your wallet.

Your frequently asked questions

What is TrueUSD?
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