TrustToken, the San Francisco-based firm, has established a new partnership with accounting firm Armanino that has built a dashboard which offers an up-to-date, third-party view of TrueUSD (a crypto stablecoin) in circulation and their related collateralized fiat funds. The partnership will enable traders to conduct real-time audits of the token’s backing. According to the reports, Armanino connects directly to third-party escrow accounts holding the U.S. dollars which collateralize TrueUSD tokens, as well as operates their own Ethereum nodes to monitor TrueUSD token supply.
Co-founder and Head of Engineering and Product at TrustToken, Rafael Cosman stated that the world’s leading accounting firm offered instant confirmation of funds where traders will know at all times that their tokens are backed by real-world value. The move came after several months when another stablecoin launched offers an immediate view of its dollar backing. Last year, stablecoin Tether that is pegged to U.S. dollar, fell under examination from the Cryptocurrency community after it cracked its connection with an auditor firm before the official audit was issued. Afterward, Tether’s long-contested assertion that its digital currency is backed by the apt amount of dollars was seemingly confirmed.
As part of the announcement, TrustToken pointed out that it has reduced the minimum TrueUSD purchase and redemption amount to USD 1,000. The company has also released a single click redemption process, which enables validated users to send TrueUSD tokens to a personal redemption address from any wallet with having the same amount in U.S. dollars automatically wired to their bank account. The single-click redemptions can also be automated for trading desks, as TrustToken added.