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Cryptocurrencies

TrustToken unveils AUD-backed stablecoin

Thursday 25 April 2019 | 12:57 PM CET

TrustToken has revealed to CoinDesk that it launched a new stablecoin named TrueAUD, and it has three more coming soon.

Its token is backed 1:1 by the Australian dollar, and cryptocurrency exchanges can immediately start listing TrueAUD, while users can purchase and redeem the stablecoin via its app at no cost. TrueAUD is based on similar legal and technical standards to its dollar-pegged sibling TrueUSD. The company pledged it will hold collateralised funds in a third-party escrow account, and provide regular attestations of the AUD backing by third-party accounting company Cohen & Co.

TrustToken launched a stablecoin pegged to the British pound (TrueGBP) earlier in April, and further offers its US dollar-pegged stablecoin (TrueUSD), which was launched in March 2018. At the time, the company suggested it plans to launch more such products linked to the yen, as well as other fiat currencies in the future. Other two tokens backed by Canadian dollars and Hong Kong dollars (TrueCAD and TrueHKD) are planned to launch in Q2 2019. A euro version (TrueEuro) is due in Q3 2019.

More: Link
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