TrustToken, with its TrueUSD (TUSD) stablecoin, has collaborated with US-based accounting and business consulting firm Armanino to provide real-time stablecoin confirmation. The announcement was made by TrustToken on March 05.
The blog opens-up with the announcement of TrustToken’s new standards for fiat-backed stablecoins. Interestingly, TrustToken is also celebrating the first anniversary of TrueUSD, a regulated stablecoin entirely redeemable for U.S. dollars.
TUSD offers liquidity, transparency and redeemability essential in the crypto- economy. TrueUSD is the most traded of all fully-collateralized and independently validated stablecoins.
TrustToken posted on Twitter
— TrustToken (@TrustToken) March 5, 2019
Armanino has exclusively built a ‘real-time dashboard,’ which integrates third-party verification. The dashboard which will be available to the public in April, will allow users to monitor TrueUSD token balances and collateralized funds on the Armanino website.
The real-time dashboard has been built independently by Armanino and will provide third-party confirmation, with TrustToken as an exclusive client. TrueUSD traders will be able to access a real-time dashboard of funds, promoting transparency from months to minutes.
Noah Buxton, Director of Risk Assurance & Advisory at Armanino stated in the announcement: “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.”
Rafael Cosman, Co-founder and Head of Engineering and Product at TrustToken said:
“Over the past year, we have learned the value of trust and transparency for the success of TrueUSD. With 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.”
Cosman also added that the crypto-firm is excited to be working with Armanino, thus facilitating traders with the highest level of trust in TrustToken’s products. The collaboration with Armanino will set a new standard not only for stablecoins but to all tokenized assets in the coming years.
In addition to announcing real-time confirmation of funds, TrustToken has also reduced the minimum TrueUSD purchase and redemption price. It reduced the price to 1,000 U.S. dollars and launched an exclusive 1-click redemption process.
With 1-click redemptions, users can send TUSD tokens to their personal redemption address from any wallet. The transactions performed by users through U.S. dollars are automatically connected to their bank account.
The TrustToken process makes it significantly easier to redeem TrueUSD directly from exchanges, which is not possible with any other stablecoin at present.
Recently, another stablecoin called ‘Tether’ announced that it would introduce USDT on TRON blockchain. USDT provides interoperability with TRON-based protocols and decentralized applications (dApps). It will enable users to transact and exchange fiat currencies across the TRON network.