TrustToken inked a partnership deal with Armanino to allow traders to conduct instant audits of its stablecoin TrueUSD (TUSD).
According to the March 5 announcement, a real-time dashboard developed by the accounting firm Armanino will show the exact funds backing the stablecoin.
The platform will directly connect to the third-party escrow accounts holding the US dollars that collateralize TUSD tokens. In addition, it will also run its own ETH nodes to ensure accurate TUSD token supply.
Mentioning this development, Noah Buxton, director of risk assurance and advisory at Armanino, said: “With their proven track record and pioneering mindset, we see TrustToken as the perfect client partnership to drive innovation in the crypto and accounting industries. We believe continuous assurance and audit is no longer a far-off future, but rather an imminent reality.”
Scheduled for an early April launch, the dashboard will be open to everyone on Armanino’s website.
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“This sets a new standard not only for stablecoins, but for all tokenized assets in the future,” Rafael Cosman, co-founder and head of engineering and product at TrustToken, said. “Over the past year, we have learned the value of trust and transparency for the success of TrueUSD. With [the] 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.”
The blockchain company further announced that it has reduced the minimum TrueUSD purchase and redemption amount to $1,000.
TrustToken also launched a “1-click redemption process” to allow its “verified users send TUSD tokens to their personal redemption address from any wallet.” The platform will automatically wire the US dollar value of the tokens to the users’ bank accounts.
Stablecoin – A Bull in the Bear Market
Stablecoins are becoming very lucrative in the crypto industry. Many established crypto companies have launched their own version of the US dollar pegged coins and are challenging the dominance of Tether in the market.
Last year, Circle tied up with Coinbase to launch USDC, another stablecoin. Unlike its market competition Tether, the firm has adopted a transparent approach and has been publishing audit reports of its currency chest every month since the launch.
The move turned out to be a massive success as many major crypto exchanges have made or considering to make the token as their base currency.