San-Francisco-based TrustToken have announced a new partnership with accounting firm, Armanino to allow TrueUSD stablecoin traders to view a real-time dashboard of TrueUSD funds, claiming to advance transparency from months to minutes. The $200 million USD-pegged stablecoin is the company’s first asset token.
Armanino are the developers behind the real-time dashboard which will provide third-party confirmation with TrustToken as an exclusive client. Armanino will have direct access to third-party escrow accounts holding the US dollars that collateralize the tokens, and they will run their own ETH nodes to ensure accurate token supply.
According to the announcement, for a user to do the same on any other stablecoin would require considerable work, but TrustToken believe they have the edge by building “trust through transparency”.
“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,” said Noah Buxton, Director of Risk Assurance and Advisory at Armanino. “We believe continuous assurance and audit is no longer a far-off future, but rather an imminent reality”.
Tokens Backed By Real World Value With Features Superior To Tether
Co-founder and Head of Engineering and Product at TrustToken, Rafael Cosman, said they are thrilled to be working with Armanino. “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 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”.
Along with the above announcement, TrustToken say they have lowered the minimum TrueUSD purchase and redemption amount to $1000 and have launched a unique 1-click redemption process. Verified users will be able to send TrueUSD tokens to a “personal redemption address” from any wallet and automatically receive the same amount in US dollars in an immediate transfer to their bank account. This feature is not available with other stablecoins, giving TrueUSD an edge over Tether, who it seeks to succeed as the market’s leading stablecoin.
