TrueUSD Will Add a New Functionality to View on Real-Time the Dollars Backing the Token
TrustToken, the company behind the TrueUSD (TUSD) stablecoin, decided to add a new feature that will allow traders to view the U.S. dollars backing the token in “real-time.” In order to do so, the company has partnered with an accounting firm called Armanino.
Armanino has been developing a dashboard that allows users to see the TUSD in circulation and the collateralized funds that the company has. The information was released by TrustToken in an announcement a few hours ago.
In order to be able to provide real-time data, Armanino connects with the escrow bank accounts holding TrustToken’s U-S dollar collateral. Moreover, they also run an Ethereum node that monitors at all times the TUSD supply. This will add transparency to the crypto and stablecoin markets, both highly criticized during the last few years.
Rafael Cosman, TrustToken co-founder commented about it:
“This sets a new standard not only for stablecoins but for all tokenized assets in the future. WIth real-time confirmation of funds provided by one of the world’s leading accounting firms, traders will know at all times that their tokens are backed by real-world value.”
Apparently, the dashboard could be launched as soon as in April and it will be open for those interested in this information. Everything will be accessible through the TrustToken’s official website.
This is a solution that seems contrasting with the recurrent audits that several crypto enthusiasts and experts request to stablecoins such as Tether (USDT), USD Coin (USDC) or Gemini USD (GUSD). TrustToken will be providing real-time information about the funds they hold and whether the coins created are backed 1:1 or not.
TrustToken informed that their purchase and redemption amount have been reduced to a minimum of $1,000. Moreover, the firm has also launched a 1-click redemption process that will let verified users send TUSD tokens to a personal redemption address. This account will be linked to the users’ bank account and all the funds sent to this address will be automatically transferred to their bank account.
Stably, the company behind StableUSD (USDS) announced that it was making their accounts visible to all users through their “live feed from Prime Trust’s API.”
USDT has been involved in different controversies regarding the funds that it handled. The firm behind USDT was accused not to have the necessary funds to back new issuing of USDT coins. Furthermore, the firm has been accused of using USDT coins to help Bitcoin remain stable during bear trends.