TrustToken, the issuer of popular stablecoin TUSD, has teamed up with independent accounting firm Armanino to introduce real-time monitoring of the funds that are backing the TUSD stablecoin as well as TUSD token reserves. Planned for release in April, the data will be available to the public through a dashboard on Armanino’s website.
The TrustToken team explains:
“Armanino connects directly to third-party escrow accounts holding the US dollars that collateralize TrueUSD tokens, and runs their own ETH nodes to ensure accurate TUSD token supply.”
Since the dashboard is still in development, the monthly attestations on TUSD’s backing from Cohen & Co will continue to be published for the time being.
In addition, TrustToken has lowered its minimum TUSD purchase and redemption amount from $10,000 to $1,000, making the service more flexible. This is accompanied by a “1-click redemption” process, which sends USD directly to a verified user’s bank account after they send TUSD tokens to a redemption address.
While Tether is undoubtedly leading the stablecoin pack, some challengers such as TUSD, USDC, PAX and DAI are posting respectable 24-hour trading volumes. TrueUSD is the most widely-used among Tether competitors, with $186 million worth of TUSD changing hands in the last 24 hours.