Stasis Financial Tokenization Platform To Audit Its EURS Euro-Backed Stablecoin With BDO Malta Firm
Financial Tokenization Platform Stasis To audit Their Euro-Baked Stablecoin
Malta-based stablecoin issuer Stasis has promised to conduct quarterly and annual audits of EURS token.
STASIS is the fully compliant blockchain platform that lets investors tokenize any financial asset. Through its transparent and regulatory compliant network of partners, STASIS platform allows capital to flow freely between off-chain and on-chain digital assets. The company is based in Malta and has actively collaborated with the government of Malta on cryptocurrency legal frameworks since 2012.
They are backed up by a team of cryptocurrency pioneers, quantitative experts, serial entrepreneurs and financial professionals that provide the synergetic background to stable coin platform. This unique set of skills has enabled STASIS to collaborate with the government of Malta since 2011. The team has also been involved in the development of AIFC, an international financial hub in Kazakhstan.
The team has designed EURS specifically to satisfy growing demand on cryptocurrencies from European institutional investors. By investing in EURS, investors have access to a trustworthy product during periods of excessive volatility and speculation in the cryptocurrency markets combined with the additional ability to seamlessly transfer off-chain assets in the blockchain and back again. Furthermore, investors achieve this with dramatically reduced counterparty risk, as a result of the platform's transparent and vertically integrated network of partners.
The problems of audits of stablecoins started with the shady problems of the world’s most popular stablecoin, Tether. Stasis CFO Vyacheslav Kim had earlier said:
“The recent conversation around stablecoins has hinged on two things: compliance and transparency. By providing verification by a top accounting firm, in addition to EURS’ existing regulatory compliance under Maltese law, we’ve established EURS as a standout option for European investors.”
The audit is supposed to be done by the first quarter of 2019. This will make them the first stablecoin to do so, as all stablecoins, not just Tether have this problem. Notably, Cameron Winklevoss, Gemini’s co-founder had said that,
“There is no financial report framework with respect to to audit conformity with a stablecoin. So you can’t perform an ‘audit.'” He further added that issuers should depend on the third party to verify whether an assertion is accurate or not.”