TrueUSD stablecoin recently went through a third-party audit. The audit verified that the platform indeed has U.S. dollar reserves sufficient to back the TUSD in circulation.
An independent accounting firm released the results of the audit in an Independent Accountant’s Report. According to the report, the TrustTroken’s balance is $199,063,855, which is more than the number of TUSD tokens in circulation, which stand at 198,982,291.
The report explains, “The supply of TUSD tokens can be reconciled to transactions within the escrow accounts including escrow deposits awaiting token minting and tokens which have been burned and are awaiting escrow disbursement.”
TrustToken released the report after announcing its partnership with Armanino, an accounting firm that permits traders to monitor their stablecoin’s balance and collateralized funding through a nifty and convenient dashboard.
Further, TrustToken’s report also comes after there have been allegations that Tether, another stablecoin, diluted its USD reserves. In opposition to the allegations, Tether’s website indicates, “Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”).
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