TrueUSD, a stablecoin and competitor to industry leading Tether, has announced the results of a full audit that reveals the coins are fully backed by U.S. Dollars. Compared to Tether and the USDT token, TrustToken–the parent company behind TrueUSD–has taken the initiative in providing investors with an exact look at the value of their holdings.
The blog post, which was published on TrustToken’s official Medium page, reports that Cohen & Company was the group to conduct the audit on TrueUSD, and published their independent attestation of the bank account holding which provide collateral for the stablecoin. According to their report, the TrueUSD account holds a balance of $199,063,885 in escrow, which compares favorably to the amount of TUSD tokens issued and in circulation at 198,982,291. Interestingly, the report does not include–nor would have any easy way of concluding–the amount of TUSD that has been lost to wallet errors or forgotten accounts, which means that the dollar…
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