New Partnership Supports TrueUSD Traders to Audit The Coin’s Backing Assets

A current partnership between Stablecoin TrueUSD (TUSD) and Armanino's accounting firm allowed marketers to undergo a current revision of the support. The news announced TrueUSD on the blog on March 5th.

The dashboard developed by Armanino would allow traders to monitor the condition of the TrueUSD stock exchanges and guaranteed funds. "The Armanino is directly linked to blocked third-party accounts holding US dollars that guarantee TrueUSD tokens and launches their own ETH nodes to ensure the correct purchase of the TUSD tag," the message states.

Rafael Cosman, co-founder, an engineer, and product manager at TrustToken said: "With real-time funding from one of the world's largest accounting firms, traders will know at any time that the true world of value supports their chips."

Stable coins are cryptocurrencies supported by physical assets, fiduciary currencies, or even algorithms. Their value is usually more stable than other cryptographic tools. TrueUSD supports 1: 1 with US dollars.

TrueUSD's decision was made to allow for greater transparency of swap coins because there were suspicions in the fact that some of them have enough reserves to buy all asset chips. If necessary.

Last year, the Stablecoin Tether (USDT), linked to the US dollar, was interviewed by the crypto-savers community after the interruption of the relationship with the audit firm before the publication of the official audit. Without revision, it can not be proved that Tether has enough reserves or that they are used for anything other than for Tether characters.

Later, Tetheva claimed that his digital currency was backed by an appropriate amount in dollars confirmed. The audit was allegedly conducted and completed by law firm Freeh Sporkin & Sullivan LLP (FSS). Although the audit has determined the amount of the provision, the FSS is stated in the statement:

"The FSS is not an accounting firm and has not carried out the examinations mentioned above and confirmations by generally accepted accounting principles ... The FSS assumed, without further investigation, that the staff of the bank providing certificates is duly authorized to provide such certificates, that the certificates are accurate."

According to CoinMarketCapu, TrueUSD market capitalization currently amounts to about $ 205 million. It is currently the third largest monetary item denominated in dollars after USD and USD (USDC), with a market capitalization of $ 2 billion and $ 240 million.


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