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Users can purchase and redeem TrueAUD in the TrustToken app starting from today, along with TrueUSD and TrueGBP, with zero purchase or redemption fees. TrueEUR, TrueCAD, and TrueHKD to come next.
TrustToken, the company behind TrueUSD (TUSD), has announced the launch of four new stablecoins that are backed by Australian dollars (TrueAUD), Euros (TrueEUR), Canadian dollars (TrueCAD), and Hong Kong dollars (TrueHKD). The TrueAUD token is already available.
TrustToken explained that, pegged at a 1:1 ratio to the Australian dollar, TrueAUD token is based on the same legal and technical standards as TrueUSD. The funds are held in a third-party escrow account, with regular attestations of the underlying funds provided by a third-party accounting firm, Cohen & Co.
According to the company’s announcement, users can purchase and redeem TrueAUD in the TrustToken app starting from today, along with TrueUSD and TrueGBP, with zero purchase or redemption fees.
TrustToken CEO Jai An commented:
“Our goal in launching these four new stablecoins is to carry this trust over into more products that dramatically expand the options traders have for reliable, easy-to-use stablecoins. 2018 was the year that the industry realized the value of trusted stablecoins as a stable store of value and medium of exchange; 2019 will be the year that stablecoins drive industry adoption by connecting the cryptocurrency ecosystem back to the real world.”
TrueAUD is already available for listing. TrueCAD and TrueHKD are set to launch later in Q2 and TrueEUR in Q3 this year.
Leader of Stablecoins
TrustToken is the leader of stablecoins. The company is backed by A16z Crypto, California-based venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. TrustToken believes that stablecoins will play a crucial role in advancing mass adoption for the industry and allow businesses to avoid the high volatility associated with most digital currencies.
At the beginning of 2019, TrustToken announced the development of absolutely new cutting-edge feature AutoSweep aimed at offering crypto exchanges a facilitated way to manage numerous unique user addresses. With this function, clients have an opportunity to receive a unique TUSD deposit address that is automatically ingrained into the primary wallet on the exchange. And it is conducted with zero commission fees.
In March this year, TrustToken partnered with Armanino, one of the top 25 largest independent accounting companies, to provide real-time confirmation of the funds backing all TrustToken stablecoin products. Now users can run their own Ethereum nodes to ensure accurate TUSD token supply, with TrustToken acting as an exclusive client, which adds transparency to the market regarding TrueUSD funds.
Earlier in April, TrustToken rolled out TrueGBP, a stablecoin pegged directly to the British pound, in addition to U.S. dollar-pegged stablecoin TrueUSD.
TrueGBP is now available for trading on over-the-counter (OTC) desks, including Alameda Research, Bluefire Capital, Galois Capital, and QCP Capital. The company is working to make it available for general trading on cryptocurrency exchanges soon. The addition of TrueGBP aims to provide traders with more options for trading, payments, remittances, and stores of value.