Users Can Now Audit TrueUSD’s Backing Assets, Thanks To A New Partnership

A new partnership that was made between the stablecoin TrueUSD (TUSD) and one accounting firm named Armanino is in the latest news on our DC Forecasts crypto news site – because of a new revolutionary feature that will allow instant audits on the altcoin and stablecoin’s backing.

First announced by TrueUSD in a blog post, this partnership allows traders to monitor TrueUSD token balances and collateralized funds. As the blog post details:

“Armanino connects directly to third-party escrow accounts holding the US dollars that collateralize TrueUSD tokens, and runs their own ETH nodes to ensure accurate TUSD token supply.”

According to the co-founder and Head of Engineering at TrustToken, “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.”

For those of you who don’t know, stablecoins are cryptocurrencies are backed by a physical asset, fiat currency or even an algorithm – which makes them more stable in value than other crypto assets. TrueUSD is backed 1:1 with US dollars.

This move was taken in an attempt to bring more transparency to stablecoins, mostly because there have been doubts that some of them have enough fiat in reserve to redeem all tokens with the backing assets, if such a need arises.