Rajarshi Mitra
Independent Analyst
- TrustToken launches Australian dollar-pegged stablecoin.
- Development of three more fiat-pegged stablecoins is in the process.
Leading Cryptocurrency firm TrustToken launched a new stablecoin financed by Australian dollar in addition to three more stablecoins. According to this Wednesday’s report, TrueAUD is pegged 1:1 with the Australian dollar. It follows the same legal and technical guidelines as the TrueUSD. Customers can access TrueAUD by purchasing or redeeming from its app without any charge.
Besides TrueAUD, the firm is also putting forth the development of three more fiat-pegged digital currencies - TrueEUR, TrueCAD, and TrueHKD. The corporation is planning to introduce Canadian dollar-backed and euro-backed coins in the coming months whereas the Hong Kong Dollar-pegged coin will be released later this year.
TrustToken already operates the circulation of TruesUSD, which is the most widely used token. The firm has also paved the way to pound sterling backed tokens in the market earlier this month.
Due to controversy with Tether, the company wants more transparency in the process. The audit will be done by a third-party accounting firm Cohen & Co. for all its collateralized funds which will be done regularly.
Previously, the firm had collaborated with Armanino, a California based audit firm for its offered stablecoins. The company recently disclosed its last audit of TrueUSD- which showed that it holds $199,063,885 in its chest as of March 31, while 198,982,291 TrueUSD tokens are in circulation.
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