TrustToken has announced the release of four new stablecoins which will be joining its current lineup. The firm, which also launched the TUSD (TrueUSD), has announced that it will be launching tokenized versions of the Euro (TrueEUR), Hong Kong Dollar (TrueHKD), Australian Dollar (TrueAUD) and the Canadian Dollar (TrueCAD).
TrustToken Releases Four More Fiat Pegged Stablecoins
The announcement was made through a press release publication with the company revealing that the TrueAUD is currently available for listing in digital currency exchanges. TrueHKD and TrueCAD are slated to be released in the second quarter of the year while TrueEUR will be launched in the third quarter.
Users can trade in the TrueAUD stablecoin through the TrustToken app. These stablecoins are now among the stablecoins that have already been released by the firm which are the TrueGBP, pegged on the British pound, and TrueUSD, pegged on the US dollar. TrueAUD will purportedly be subjected to the same legal and technical standards that apply to TrueUSD. A third-party escrow account will also hold its collateralizing funds.
Similar to TrueUSD, the recently announced stablecoins will also backed by fiat deposits on a 1-1 basis. The bank accounts corresponding to the fiat deposits will be held by third party trustees and be regularly verified by independent accountants. The company has stated that it would not be able to print un-pegged tokens even if it desired it.
Stablecoins The Gateway To Greater Adoption Of Blockchain Tech And Digital Currencies
Stablecoins offer risk averse investors the opportunity to get into the Crypto space using a familiar asset. Jai An, the chief executive of TrustToken has said that the main goal of launching the four new stablecoins is to expand the current options available for traders. An added that while 2018 was the year the industry appreciated the value of stablecoins, 2019 would be the year stablecoins promote the adoption of Crypto through connecting it to the real world.
As from today, users will be able to find TrueAUD among the other stablecoins available on the app. No purchase or redemption fees are applied on the stablecoins. Additionally, the firm will be collaborating with Armanino, an accounting firm, to ensure all stablecoin products from TrustToken are fiat pegged and release this information real-time.
All use cases of Blockchain technology, inclusive of stablecoins, are expected to play a significant role in promoting the adoption of the space. Stablecoins offer a reliable way of conducting business while reeling in the volatility associated with Cryptocurrencies.
TrustToken Stablecoins are Fully Backed
Earlier this month TrustToken published an audit report confirming that its TUSD stablecoin was fully pegged on the dollar with the full amount of the fiat currency in its reserves. Last month the firm announced its partnership with the Armanino accounting firm. According to the announcement, the accounting firm installed a dashboard which purportedly allows traders to monitor in real time the token balances and collateralized funds of the TUSD. This is done by the accounting firm directly connecting to the escrow accounts holding the fiat reserves.