TrueUSD Stablecoin to Add 'Real Time' Monitoring of Dollar Backing

Published on by Coindesk | Published on

TrustToken has announced a new partnership that it says will allow traders using its regulated stablecoin, TrueUSD, to have a "Real-time" view of the U.S. dollars backing the token.

To do that, Armanino connects with the escrow bank accounts holding TrustToken's U.S. dollar collateral, as well as running ethereum nodes to monitor TUSD supply.

With the new service, the "Transparency" time frame for this information drops "From months to minutes," said TrustToken in an announcement on Tuesday.

"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."

The dashboard is slated for launch "By early April," TrustToken said, and will be open for anyone to access via Armanino's website.

In the same announcement, TrustToken said it has reduced the minimum TrueUSD purchase and redemption amount to $1,000.

The 1-click redemptions can also be automated for trading desks, TrustToken said.

The news comes several months after another stablecoin launched offering a real-time view of its dollar backing.

The issue of transparency of stablecoin collateral has been highlighted by the controversies surrounding Tether's popular USDT token.

The firm has not provided a full independent audit and has occasionally slipped from its dollar peg.