TrueUSD Passes Audit with Flying Colors, Shows TUSD has All Amounts of USD Reserves Reported
One of the largest and most popular stablecoins in the market, TrueUSD (TUSD) has been audited by Independent Accountants and certified by the public accounting firm Cohen & Company. The results show that TrustToken, the company behind TUSD, has the full amount of US dollar reserves as they reported.
According to the audit conducted, TrustToken has $199,063,885 USD held in escrow accounts. In the market, the digital currency company has released 198,982,291 TUSD. This shows that he issued and outstanding TUSD tokens do not exceed the balance of the escrow accounts that the firm has.
It is very important for stablecoins to provide clear information about the funds that they have to back the peg against a specific currency. Tether (USDT), the largest stablecoin in the market, has had many complications and issues with its funds. Because of this reason, the firm has been involved in different controversies in the last years.
The report reads as follows:
“In our opinion, management’s assertion that the Escrow Holdings Report as of March 31, 2019 is presented in accordance with the measurement and disclosure criteria in the accompanying Notes to the Escrow Holdings Report is fairly stated, in all material respects.”
TrueUSD has also announced a new partnership with an accounting firm called Armanino. This dashboard created by this company allows traders to monitor TrueUSD token balances and also the collateralized funds that the company has. In order to provide clear and updated information, the firm runs its own Ethereum (ETH) nodes, providing accurate TUSD token supply and reliable information.
At the time of writing this article, TrueUSD is the 38th largest digital asset with a market capitalization of $201 million.