On the occasion of the first anniversary of TrueUSD, TrustToken announced the latest standards for fiat-backed stablecoins. TrueUSD is a regulated stablecoin which is completely redeemable for USD.
As per the announcement, TrustToken has joined hands with Armanino. Post this partnership the traders of TrueUSD would be able to monitor a real-time dashboard of TrueUSD funds which is being developed by Armanino. The dashboard would reduce the third party confirmation status time from months to a few minutes. The latest dashboard being developed would be built exclusively for TrustToken.
Armanino which is one of the top 25 independent accounting business consulting firms based in the United States, is a universal leader which provides services to private companies, non-profit organizations and public entities. The company has been rendering audit, tax, and consulting services to crypto-native companies and exchanges from 2013. The core service of the company comprises of Audit, Risk Assurance & Advisory, Tax, Consulting and Business management. Further, the company also has a devoted team for blockchain and crypto clients.
Noah Buxton, Director of Risk Assurance & Advisory at Armanino stated that “With their proven track record and pioneering mindset, we see TrustToken as the perfect client partnership to drive innovation in the crypto and accounting industries. We believe continuous assurance and audit is no longer a far-off future, but rather an imminent reality.”
The dashboard is scheduled to go live for the public from the beginning of April and would allow the users to keep track of TrueUSD token balances and collateralized funds on the Armanino website. Armanino would be responsible to directly connect to third-party escrow accounts that possess the US dollars which collateralize TrueUSD tokens and would also operate their individual ETH nodes to make sure about correct TUSD token supply.
TrustToken is forming a proficient financial system globally by digitizing assets which would be steadily exchanged among liquid markets across the world. TUSD provides few essential features to the traders such as transparency, liquidity and redeemability which is needed in today’s crypto world. It also possesses the largely traded fully-collateralized and independently validated stablecoins. TUSD is listed on various crypto-exchanges that include Binance, OKEx, DigiFinex, Bittrex and Huobi.
Co-founder and Head of Engineering and Product at TrustToken, Rafael Cosman, stated that “We are thrilled to be working with Armanino to offer traders the highest degree of trust in our products. This sets a new standard not only for stablecoins but for all tokenized assets in the future. Over the past year, we have learned the value of trust and transparency for the success of TrueUSD. With the real-time confirmation of funds provided by one of the world’s leading accounting firms, traders will know at all times that their tokens are backed by real-world value.”
Further, TrustToken has also cut down the cost of minimum TrueUSD purchase and redemption amount to $1,000 and has launched an innovative 1-click redemption process along with the introduction of real-time confirmation of funds. In the 1-click redemptions process, verified user would be able to send TUSD Tokens to their personal redemptions address from any of the wallet which would get the US dollars wire transferred to their bank accounts. The application of such a process would make it much smoother and quicker to redeem TrueUSD directly from exchanges, which currently is not available with any other stablecoin in the market. With the automation of such a 1-click redemption process, the need for manual intervention would reduce significantly