TrustToken, the company behind the USD-pegged stablecoin TrueUSD, has published a third-party audit report of its bank account holdings that are supporting the supply of the digital asset.
According to the report, the company holds $199,063,885 in its chest as of March 31, and the balance of issued TrueUSD tokens is 198,982,291.
The cryptocurrency firm has hired Ohio-based public accounting firm Cohen & Company for the audit.
Explaining the process of the audit, the accounting firm noted: “An examination involves performing procedures to obtain evidence about management’s assertion. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error.”
Creating a Transparent Ecosystem
Last month, TrustToken partnered with accounting firm Armanino to provide real-time audit reports of its stablecoin. The platform will be available for public access and is scheduled for an April launch.
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TrueUSD is not the only stablecoin publishing third-party audit reports of its currency chest. Circle, a Goldman Sachs-backed crypto startup, has also maintained a transparent approach by publishing audit reports of its dollar-pegged USDC every month.
However, the market leader of stablecoins – USDT – is still maintaining an opaque business approach as it is reluctant to conduct a third-party audit of its books. Meanwhile, Tether recently teamed up with Tron and launched a TRC20 version of USDT on its blockchain.
Explaining the importance of stablecoins in a podcast, Tron’s founder and CEO Justin Sun, said: “The stablecoin is the most important thing when we come to the infrastructure and the whole industry. I think this partnership means to the industry that in the future the USDT will be more reliable, faster and cheaper.”
The market for stablecoins is also becoming very lucrative and more and more firms are issuing fiat-pegged tokens around the globe. Earlier this month, TrustToken launched a pound sterling-backed token called TrueGBP. Canadian crypto exchange also jumped into the demanding market and introduced Canadian dollar-pegged stablecoin eCAD.
In March, a euro-pegged stablecoin also hit the market backed by the Blockchain Alliance.