Stablecoins have undergone a certain amount of scrutiny following the Tether scandal, but TrueUSD (TUSD) has decided to get fully audited and publish the results in a bid to clear the air. TUSD hired the help of world-renowned auditors Cohen & Company to carry out a full audit of the project’s accounts. The final report concluded that TUSD had $199,063,885 in its escrow accounts with TUSD 198,982,291 in circulation. This fresh audit confirms that TUSD is once again the most superior USD stablecoin out there thanks to its transparency.
Stablecoins Becoming More Than Digital Tokens
All around the globe, governments are deciding on whether to allow stablecoins to be accepted alongside traditional fiat currencies as legal tender. The argument for the inclusion is that stablecoins like TUSD are fully backed and pegged to the value of a fiat currency – meaning its essentially the same as the money in your bank account or on your credit card. Making stablecoins legal tender would expose the population to volatility in the same way Bitcoin would. Texas is currently leading the charge with its supervisory memorandum number 1037. If all goes to plan, Texans could soon be using TUSD at their local supermarket – the next step of the stablecoin evolution.
The Whole Tether Debacle
TUSD has gone to the lengths of getting fully audited by an independent firm as there have been claims that Tether – the most popular USD stablecoin – isn’t fully backed. While there has been no proof levied against Tether, it certainly hasn’t come out and proven itself innocent. It has engaged multiple firms to audit its accounts, but these auditors have either only been given partial access to accounts or contracts have been severed before a conclusion could be drawn. In a recent plot twist, Tether updated its terms to say that its escrow account could be partially funded by assets other than fiat – hinting that there is something it wants to hide from the world.
TUSD is leading the way in the stablecoin space, and this new report will help it on its rise to dethrone the dodgy Tether from its seat of power. The crypto world needs more transparency and cooperation from stablecoins, and TUSD is setting a precedent that others should aim to follow. TUSD has pledged to make the audit a frequent event in a bid to help reassure investors and token hodlers.