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TrustToken, creator of the rather new stablecoin in the block – TrueUSD (TUSD) – who is bent on changing the game with its innovative ideas, announced yesterday two smart additional features to the network.
To commemorate TUSD’s first year in the crypto block, TrustToken partnered with Armanino, one of the largest accounting firms in the United States, to increase transparency across the platform as well as make redemption easier for its customers.
TrustToken, the brain behind TUSD, is widely known for its committed efforts to create a more efficient and inclusive global financial system through digital assets. Since its inception, the firm has been making active efforts to increase transparency, liquidity, and redeemability across the crypto space. As a step further towards bringing this dream to fruition, the firm has entered a partnership with an award-winning accounting and business consulting firm known for providing top-notch services in areas of audit, tax, business management, risk assurance & advisory, and consulting to both privately owned firms and government establishments.
Through this partnership, the firm has added two new smart features to TUSD’s network.
First of the recent rollouts is a real-time dashboard that allows for effective monitoring of activities in the network. This smart tool, which is set to launch later in April, is proposed to help increase transparency across the chain from months to minutes. This was made possible by Armanino’s connection to third-party escrow accounts that hold the US dollars which “collateralized” TUSD as well as run their own nodes to ensure perfect TUSD supply across the network.
The other feature that completes the recent rollouts is a unique 1-click redemption system that allows customers to quickly and easily redeem their TUSD for the fiat currency backing it – the US dollar. This smart feature is designed to help ease the stress involved in exchanging crypto coins for traditional currencies. Through the 1-click redemption system, customers can now convert TUSD directly to dollars. This system is proposed to allow for automatic conversion of TUSD to US dollars. Customers are given the opportunity to transfer TUSD to their private redemption address and have the USD equivalent automatically wired to their local bank account.
In addition, TrustToken has reduced the minimum TUSD purchase and redemption amounts to a thousand US dollars (1,000 USD).
TrustToken, according to Noah Buxton, Director of Risk Assurance & Advisory at Armanino, is the perfect partner for such a huge project because of their proven track record and pioneering mindset. He added that they strongly believe continuous assurance and audit are no longer far fetched.
The co-founder and Head of Engineering and Product at TrustToken also commented on the partnership, saying they are pleased to be working together with Armanino. He explained that this new standard is not limited to stablecoins only; instead, it will spread across all tokenized assets in the future.