This article was first published on TrustToken - Medium
Regulated stablecoin TrueUSD® surpasses $200 million in market capitalization as it trades across 70 cryptocurrency exchanges worldwide
San Francisco, CA — December 19th, 2018, TrustToken, the leading tokenization platform and creator of TrueUSD, announced today that its smart contract successfully passed three independent security audits without any known vulnerabilities by firms Certik, SlowMist, and Zeppelin. Also, the company’s first product TrueUSD exceeded 1.1 billion in monthly trading volume and is the world’s most trusted stablecoin of 2018. Although it received a perfect score, TrustToken continues to make a number of security enhancements to the TrueUSD redemption and minting processes that further reduce risk.
As the most secure stablecoin in the world, TrueUSD relies on a network of independent third-party trust companies to hold the corresponding USD in escrow. All partners have been regulated by the State of Nevada Financial Institutions Division. Plus, in a bid to increase TrueUSD security, the company announced the expansion of their fiduciary network to include trust companies regulated by Delaware’s Office of the State Bank Commissioner and Ohio’s Department of Commerce. TrueUSD redemption is not threatened by any single point of failure — otherwise common with fiat-backed stablecoins — because it leverages many different third-party regulated financial institutions to manage more than $200M.
“Our rapid growth is the result of our commitment to regulatory compliance and full transparency. Through our relentless focus on customer success and product innovation, TrueUSD has become the trusted global standard stablecoin for millions of people around the world,” said Danny An, CEO and co-founder of TrustToken. “Over the past year, we have invested heavily in building asset tokenization technology that is not only critical for the cryptocurrency industry, but also equalizes the ability to trade worldwide, and gives people true control over their assets. As a result, we have put forward the industry’s first stablecoin code ...
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TrustToken - Medium