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TrueUSD Passes Asset Attestation, Binance Adds New TUSD, PAX Pairs

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Tue, 01/08/2019 - 08:27
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  • TrustToken company announces in its blog that their 206,371,311 TrueUSD coins are fully backed with US dollars on the corporate accounts

Cover image via U.Today
Contents

On Tuesday, January 8, TrustToken platform wrote in its blog that the recent attestation of TrueUSD (TUSD) funds conducted by a third-party – Cohen & Company – has been successfully passed. The process finished on January 2.

Cohen & Company has released the results of their recent audit of bank accounts where the USD assets that back TUSD stablecoins are stored. The attestation says that with the escrow balance being $207,224,607 the amount of issued TUSD tokens totals $206,371,311.

The relationship between TrustToken and Cohen & Company

TrustToken rushed to clarify its relations with Cohen & Company, assuring that this is a purely third-party certified public firm that works in the sphere of accounting.

TrustToken reps in their blog assured that the aforementioned company has no interest in TUSD and is not connected with it in any manner, as, for example, Bitfinex and Tether are, sharing the same top management team. Cohen & Company regularly reports the results of its audits for all interested parties to see.

TrustToken also mentioned that every day they receive more USD from users who wish to support the issuance of TUSD. As per the blog post, Cohen & Company will be a regular auditor of the company and its escrow accounts.

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Audits of USDT

Recently, U.Today reported that Tether Ltd revealed part of its USDT documentation to Bloomberg experts and those found that as per autumn of 2017 and late January of 2018, the company had enough USD to back their Tether coins. However, the analysts from Bloomberg were not given a chance to review documents covering other periods.

Still, for now Tether’s poor reputation and rumours of being a scam have been dissolved.

New TUSD pairs on Binance

A short while ago, TrustToken also announced some news regarding TUSD. The world’s largest exchange has launched new pairs with stablecoins PAX and TUSD: PAX/TUSD, USDC/TUSD and USDC/PAX.

At press time, both stablecoins are in the red zone – PAX is down 0.50 percent. TUSD has lost 0.24 percent over the last 24 hours. Both assets are trading at $1.01 as per Coinmarketcap.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.

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