TrustToken, the creators of TrueUSD (TUSD), a dollar-backed stablecoin, has announced the launch of four more non-volatile cryptoassets, including TrueAUD, TrueEUR, TrueCAD, and TrueHKD, in a bid to make the TrustToken platform a one-stop shop for tokenized currencies, according to a blog post on April 24, 2019.
TrustToken Taking the Lead
As stated in its blog post, TrustToken has introduced four new stablecoins backed by the Australian dollar (TrueAUD), the euro (TrueEUR), the Canadian dollar (TrueCAD) and the Hong Kong dollar (HKD).
According to the team, the suite of stablecoins is 100 percent backed by the equivalent fiat standards. Interested cryptocurrency exchanges can immediately start listing TrueAUD (TAUD) while TrueCAD and TrueEUR are scheduled to go live in Q2 2019. TrueHKD will be available later in the year.
Interestingly, the TrustToken team has made it clear that lovers of stablecoins can now purchase and redeem TrueUSD, TrueGBP, and TrueAUD via the TrustToken app, with zero transaction fees or hidden charges.
At a time when stablecoins are fast gaining traction in the cryptospace, TrustToken has stated that the introduction of these new digital assets is to make life easier for users by providing them with an array of choices while also positioning the firm as a one-stop shop for tokenized currencies.
TrustToken Fostering Transparency
Unlike some controversial stablecoins, the TrustToken team has been putting in efforts to making the project as transparent as possible.
TrustToken hinted that the TrueAUD stablecoin complies with the legal and technical standards of its flagship TrueUSD currency:
“With collateralizing funds held in a third-party escrow account and regular attestations of the underlying funds provided by Cohen & Co.”
In March 2019, TrustToken announced its partnership with Armanino, a leading independent accounting firm, in a bid to enable TrueUSD holders to verify the TrueUSD dollar reserves in real-time.
As reported by BTCManager earlier in April 2019, TrustToken’s independent accountant, Cohen & Co. released an audit report showing that the former has nearly $200 million in its escrow, which is equivalent to the total number of TrueUSD (TUSD) in circulation.