Saturday, September 23, 2023

Sterling Stablecoin from TrustToken


The company currently offers three fiat-pegged stablecoins, and by the end of 2019, the number will increase to six. 

On Wednesday, Cryptocurrency firm TrustToken announced the launch of a new Stablecoin that mirrors TrueUSD backed by the Australian dollar. 

Moreover, the Australian dollar uses the same legal and technological mechanisms as TrueUSD. The token is already available on the market and may buy or redeem on the app for free.

The company has publicized the expansion of three more additional fiat-pegged digital currencies – TrueEUR, TrueCAD, and TrueHKD along with TrueAUD. In addition, the crypto firm has planned the takeoff of a euro-backed coin and a Canadian dollar for Q3 2019. Aiming to introduce Hong Kong-dollar-pegged coins after this year.

TrueUSD, one of the most widely used dollar-pegged tokens on the market, is already supported by TrustToken. This month, it launched a pound sterling-pegged token on the market as an extension of its current service.

Launch of a new stablecoin

Hence, Cryptocurrency firm TrustToken declared the launch of a new stablecoin. TrueGBP images, at a ratio of 1:1, the cost of the British pound sterling.

TrueGBP, TrustToken’s second Stablecoin, is very happy to introduce, according to Rafael Cosman, co-founder, and head of engineering and product.

In November last year, the company had launched StableUSD. As the name implies, this cryptocurrency also mirrors at a ratio of 1:1, the price of US dollars.

Currently, TrueGBP can only buy through TrustToken’s mobile app and over-the-counter trading desks like Alameda Research, Galois Capital, Bluefire Capital, and QCP Capital.

Accustomed to the controversy associated with its competitor and market leader Tether. The San Francisco-based company is also prioritizing clarity and transparency. The company remarks that it will control the collateralized reserves in a third-party escrow account. So to be able to audit its books on a regular standard basis, it partners with the accounting firm Cohen & Co.

The crypto startup teamed up with California-based accounting firm Armanino last month to get quick audits of the given stablecoins. This latter tasked with constructing a real-time portal showing the stablecoin’s special funds. Though the institution hoped to open the store this month, it made no mention of it in a recent statement.

Thus, the institution’s flagship stablecoin, TrueUSD, has US dollars worth 199,063,885 on hand as of March 31, and 198,982,291 tokens were in circulation.

Ruby Vester
Ruby Vester
Ruby Vester started writing for Cryptoconstellation in 2017. After a successful career as a content writer for a business blog, she found an interest in the crypto world. Ruby has lived in England for two years, and the returning to her hometown, Madrid.

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