Four brand new stablecoin by TrustToken are on their way, backed by Australian dollars (TrueAUD), Euros (TrueEUR), Canadian dollars (TrueCAD), and Hong Kong dollars (TrueHKD).
As stated in the blog post, Australian dollars can be listed immediately by various cryptocurrency exchanges, while TrueCAD and TrueHKD will have to wait till Q2 and Euros even further into 2019.
Starting today, users are able to make transactions and redeem TrueAUD in the TrustToken app, joining British pound-backed stablecoin TrueGBP and its dollar stablecoin TrueUSD (TUSD). The Australian dollars will be held to the same legal and technical standards as TrueUSD, complete with collateralizing funds held in a third-party escrow account.
Earlier this month, TrustToken published a report on a recent TUSD audit, showing that it had the full amount of United States dollar reserves. With data from March 31, 2019, the amount of US dollars held in escrow accounts was $199,063,885, during which the balance of TUSD tokens reached 198,982,291 TUSD in circulation, according to the Independent Accountants’ Report prepared by certified public accounting firm Cohen & Company.
Last month, the firm also announced its partnership with top-20 accounting firm Armanino, allowing traders and investors to conduct instant audits of the token’s fiat USD backing.