Financial audits of cryptocurrency firms are direly needed in this day and age. This is especially true where stablecoins are concerned, as there have been numerous concerns regarding Tether’s holdings in the past.
TrueUSD Attestation is Successful
According to an attestation carried out by Cohen & Company, TrueUSD’s parent company is doing everything correctly. The auditing firm has reviewed TrueCoin LLC Escrow Holdings to determine if they are issuing more TUSD tokens when compared to the amount of money held in assets.
The audit by Cohen & Company was carried out in accordance with attestation standards established by the American Institute of Certified Public Accountants. As such, the Escrow Holdings Report issued by TrueCoin LLC needs to be cross-examined with the company’s physical asset holdings. In the opinion of Cohen & Company, the issued and outstanding TrueUSD tokens do not exceed the balance of the Escrow Account Holdings.
Additionally, the firm has also confirmed that TrueCoin LLC stores all of its USD balance in the Escrow Account at Prime Trust LLC.
Final Thoughts
Official audits such as this one need to become mandatory in the world of cryptocurrency. Considering how Tether still refuses to undergo any official audit, the pressure will now be on the firm even more to improve its transparency standards.
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