TrustToken ended the first quarter of 2019 on a positive note for its TrueUSD (TUSD) stablecoin. As of a March 31 examination, the token touts sufficient backing.
Accounting firm Cohen & Company took a deep dive into TUSD and its backed funds on March 31, publishing a report on its findings – as mentioned in an April 8 blog post from TrustToken, the company behind TrueUSD.
The report revealed 198,982,291 TUSD available, backed by $199,063,885 USD. According to these numbers, TUSD has ample USD funds behind it.
Regarding the parameters used in the audit, Cohen & Company wrote in the report, “Our examination was conducted with attestation standards established by the American Institute of Certified Public Accountants.”
TrustToken made sure to note in its blog post that Cohen & Company is “an independent third-party U.S. certified public accounting (CPA) firm.” TrustToken said the accounting outfit will continue to conduct such auditing activities going forward.
TUSD has undergone an audit nearly every month since March of 2018, with a list of 22 audits since then, as listed by the stablecoin provider in a separate blog post. Many of the months also hosted multiple examinations.
CoinMarketCap data shows TUSD is available via 161 different trading pairs on numerous exchanges, including big players such as Binance and Bittrex.
In March of 2019, Crypto Insider reported on TrustToken’s announced partnership with accounting firm Armanino to provide real-time confirmation of backed TUSD funds for customers, via the accounting firm’s platform.
Additionally, just a few days ago on its blog, TrustToken announced a British pound-backed stablecoin called TrueGBP. The company said the asset “is the first of several currencies TrustToken is planning to launch in the coming months to open up new opportunities for payments, international remittances, and foreign exchange.”
TrueGBP holds its value pegged to the British Pound Sterling, which equates to $1.30 USD each at press time.
The internet is filled with rumors, comments and articles on Tether and its stablecoin USDT. USDT was a big player during 2017 and part of 2018, being one of the few well-known stablecoin options on the block.
Suspicions arose at many points due to the lack of clarity around the asset’s solvency. However, a Bloomberg report from December of 2019 indicated the asset might actually have sufficient backing.
Many other stablecoins have come into play over the last year in a seemingly new fad of sorts, such as USDC, Pax and GUSD to name a few. Exchange giant Coinbase even has embraced USDC on its platform, seen in the headlines last fall.