TrustToken Expands Position of Leading Stablecoin TrueUSD with New Partnerships Alongside Additional Investment in Regulatory Compliance
The World's Most Trusted Stablecoin TrueUSD To Be Listed by Binance, the World's Top Cryptocurrency Exchange
May 16, 2018 --
SAN FRANCISCO, May 16, 2018 /PRNewswire-PRWeb/ -- TrustToken, the asset-backed platform behind TrueUSD, has announced that its stablecoin product TrueUSD (TUSD) will be listed as a trading pair with Binance Coin, Bitcoin and Ethereum on the Binance trading platform. In comparison to the exchange's existing cryptocurrencies such as Bitcoin, Ethereum, and Tether, TrueUSD is the only price-stable, independently-verified, and fully-collateralized coin among them. This news follows the company's recent announcement that TrueUSD surpassed $12M in circulation in just two months since its launch.
"TrustToken is excited that TrueUSD is the only fully-collateralized stablecoin to launch on Binance. This makes TrueUSD available to the over $2 billion of daily trades on the world's most popular cryptocurrency exchange. TrueUSD is live on the top global exchanges and we look forward to making it available to as many traders as possible. The third-party fiduciaries who hold the escrowed funds and the accountants who publish regular attestations provide traders with a highly trusted collateralized stablecoin," says Rafael Cosman, Co-founder and CTO of TrustToken.
Unlike most cryptocurrencies, each TrueUSD token is backed 1-for-1 for US dollars. The TrueUSD system further reduces outside risk by guaranteeing legal protections for token holders, enforcing industry standard KYL/AML processes, and ensuring that every TrueUSD is collateralized by USD located in escrow accounts managed by trusted third-party fiduciary partners. TrustToken has improved on the success of stablecoins that came before TrueUSD, such as Tether, by embracing regulatory compliance, engaging with respected financial institutions, and posting regular attestation reports of the escrowed USD balances.
"Binance is the most popular cryptocurrency exchange in the world because we provide our traders with what they need. Our community will benefit from having a USD backed stablecoin that is fully collateralized by US Dollars. We welcome TrueUSD (TUSD) as the newest listing on Binance," said Ashley Ouyang, Binance's Business Development Manager.
TrustToken also announced a new addition to its compliance team; Charles A. Christofilis, who has assumed the role of Director of Compliance. Christofillis was previously the AML Officer, General Counsel, and/or Chief Compliance Officer for a number of financial companies including Sharespost, White Oak Advisors, and First Republic Bank, where he led governance, risk management, compliance, legal, cyber, security, and privacy issues. Prior to that, he was also the Chief Compliance Officer at Northern Trust, where he guided them through their examinations for the SEC. He brings over 21 years of compliance and regulatory experience to TrustToken.
In addition, the company has announced Cohen and Co. as an independent accounting firm. Every TrueUSD is fully collateralized by USD, which is held in a professional fiduciary partner's escrow accounts. The escrow account holdings are published at least monthly and are subject to ongoing attestations by Cohen and Co. Cohen and Co. is one of the 50 largest accounting firms in the United States and oversees more than 1,500 clients, including 100 public companies.
How to Purchase TrueUSD
Apply to the TrueUSD alpha access group. The TrueUSD purchase and redemption process is designed to comply with regulatory standards. In compliance with regulations, the full application process involves passing KYC/AML, wiring funds, and then receiving the TrueUSD tokens. For details, see the TrueUSD introduction and FAQ.
TrustToken is a platform to create asset-backed tokens that you can easily buy and sell around the world. For example, gold to gold tokens or dollar to dollar tokens. The company's first asset token is TrueUSD, a stablecoin that you can redeem 1-for-1 for US dollars. TrustToken was founded in 2017 by a team of talent from Stanford, UC Berkeley, Palantir, and Google, and is backed by Stanford-StartX, Founders Fund Angel, FJ Labs, and BlockTower Capital. For more information about TrustToken and its TrueUSD product, visit http://www.trusttoken.com.
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