TrustToken Launches AUD-Backed Stablecoin With 3 More to Follow

TrustToken has launched a stablecoin backed by the Australian dollar, with tokens for CAD, HKD and euros to follow soon. 

AccessTimeIconApr 24, 2019 at 3:00 p.m. UTC
Updated Sep 13, 2021 at 9:06 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

TrustToken has just launched a new stablecoin and says it has three more coming soon.

Revealing the news exclusively to CoinDesk on Wednesday, the firm said its TrueAUD token is now live and backed 1:1 by the Australian dollar. Cryptocurrency exchanges can "immediately" start listing TrueAUD, and users can purchase and redeem the stablecoin via its app at no cost, it added.

TrueAUD is based on similar legal and technical standards to its dollar-pegged sibling TrueUSD. The firm pledged it will hold collateralized funds in a third-party escrow account and provide regular attestations of the AUD backing by third-party accounting firm Cohen & Co.

Keen to avoid issues with transparency like those that have plagued the most popular stablecoin issuer Tether, which has never provided a full audit of its USD backing, TrustToken last month partnered with accounting firm Armanino to allow traders using its stablecoins to have a “real-time” view of the reserves backing all its tokens.

In March, Tether had conceded that the collateral backing its USDT token may not be 100 percent in actual U.S. dollars.

TrustToken launched a stablecoin pegged to the British pound (TrueGBP) earlier this month, and further offers its U.S. dollar-pegged stablecoin (TrueUSD), which was launched in March 2018. At the time, the firm said it plans to launch more such products linked to the yen as well as other fiat currencies in the future.

Coming soon, on a similar basis, are two other tokens backed by Canadian dollars and Hong Kong dollars (TrueCAD and TrueHKD, respectively) that will launch in Q2. A euro version (TrueEuro) is due in Q3.

TrustToken is backed by Andreessen Horowitz's cryptocurrency fund A16z Crypto, having raised $20 million in a strategic token sale last June. The firm has adopted the mission to act as a "bridge between blockchains and $256 trillion worth of real-world assets."

Australian dollars image via Shutterstock 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.