Cryptocurrency firm TrustToken on Wednesday announced the launch of a new stablecoin backed by the Australian dollar.
TrustAUD is pegged 1:1 with the Australian dollar and follows similar legal and technical standards as TrueUSD, Wednesday’s official announcement specified. The token is already available on the market and users can purchase or redeem it on its app with no fees.
Along with TrueAUD, the company has announced the development of three more fiat-pegged digital currencies – TrueEUR, TrueCAD, and TrueHKD. The crypto firm has scheduled the launch of a Canadian dollar and euro-backed coin for Q3 2019, while it is aiming to introduce Hong Kong-dollar-pegged coin later this year.
Exchanges, wallets, and apps can now list TrueUSD, TrueGBP, and TrueAUD, with more currencies on their way. We are making it easy to list and use a full basket of trusted stablecoins! Read more here: https://t.co/Lcv7Pxr0xL pic.twitter.com/neAGv0mqaY
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— TrustToken (@TrustToken) April 24, 2019
TrustToken already operates one of the widely used dollar-pegged tokens in the market – TrueUSD. Earlier this month, it has expanded its offering by introducing a pound sterling-pegged token in the market.
Making the process transparent
The San Francisco-based company is also prioritizing transparency given the controversy associated with its competitor and market leader Tether. The firm has stated that it will hold the collateralized funds in a third-party escrow account and to audit its books on a regular basis, it has partnered with the accounting firm Cohen & Co.
Last month, the crypto company partnered with California-based accounting company Armanino to conduct instant audits of its offered stablecoins. The later was tasked with the development of a real-time portal show the exact funds backing the stablecoin. Though the company was aiming to launch the portal this month, it has not mentioned anything about its launch in the recent announcement.
The company has also recently published a third-party audit report for its flagship stablecoin – TrueUSD – which showed that it holds $199,063,885 in its chest as of March 31, while 198,982,291 TrueUSD tokens are in circulation.