TrustToken to Release Four New Stablecoins This Year

TrustToken will release four new stablecoins this year that are pegged to Australian dollars, euros, Canadian dollars, and Hong Kong dollars. The update was announced in a blog post published on April 24.

Per the post, TrustToken has expanded into four new digital currencies backed by Australian dollars (TrueAUD), Euros (TrueEUR), Canadian dollars (TrueCAD), and Hong Kong dollars (TrueHKD). TrueAUD can be immediately listed on digital currency exchanges, while TrueCAD and TrueHKD will purportedly be launched in the second quarter of 2019, with TrueEUR in the third.

From now on, users can buy and redeem TrueAUD in the TrustToken app. The four stablecoins thus join the recently released British pound-backed stablecoin TrueGBP and its dollar stablecoin TrueUSD (TUSD). TrueAUD is reportedly subject to similar legal and technical standards as TrueUSD, with collateralizing funds held in a third-party escrow account.

In early April, TrustToken published the results of an audit of TUSD, which showed that it had the full amount of United States dollar reserves. Per the Independent Accountants’ Report prepared by certified public accounting firm Cohen & Company, as of March 31, 2019, the U.S. dollar balance held in escrow accounts was $199,063,885, while the balance of TUSD tokens issued and being in circulation was 198,982,291 TUSD.

In March, TrueUSD revealed a new partnership with accounting firm Armanino, wherein a dashboard developed by Armanino purportedly enables traders to monitor TrueUSD token balances and collateralized funds. “Armanino connects directly to third-party escrow accounts holding the U.S. dollars that collateralize TrueUSD tokens, and runs their own Ethereum nodes to ensure accurate TUSD token supply,” the announcement detailed.