TrueUSD Taps MooreHK for Fiat Reserve Attestation Services

TUSD has engaged accounting firm Moore Hong Kong (MooreHK) for daily fiat reserve attestation services.

Gold hand holding a TrueUSD coin in a digital space.
Created by Kornelija Poderskytė from DailyCoin
  • TrueUSD has enlisted a new third-party firm for attestation services.
  • The firm will generate daily reports on the stablecoin’s fiat reserve.
  • The firm will also facilitate technical support provision.

Dollar-pegged stablecoin TrueUSD (TUSD) has engaged renowned accounting firm Moore Hong Kong (MooreHK) to provide daily attestation services of its fiat reserve.

Launched by TrustToken in March 2018, TUSD prides itself as the “first USD pegged stablecoin” with live on-chain attestations by third-party institutions. The stablecoin was granted statutory status as an authorized medium of exchange in the Commonwealth of Dominica in 2022.

TrueUSD Engages MooreHK’s Attestation Services

According to a press release dated December 28, starting in January, MooreHK will provide daily attestation services to TrueUSD and present daily reports for stakeholders and token holders.

With over four decades of experience, MooreHK is among the world’s leading accounting and consulting networks, offering a full scope of services, including accounting, assurance, audit, and business outsourcing advisory.

Besides providing daily attestation services, MooreHK will collaborate with The Network Firm, a crypto-centric accounting and audit technology company, to “provide state-of-the-art technical support” for TUSD.

“We fully recognise the significance of reserve attestations for stablecoins. Having a robust reserve is pivotal to bolster our future growth and development. Both MooreHK and The Network Firm will be our crucial partners, offering strong support for TUSD’s forthcoming market expansion,” a TUSD spokesperson stated.

Noting that on-chain Proof of Reserve is the paragon of transparency in the stablecoin ecosystem, TUSD stated that it would continue collaborating with third-party audit firms to explore innovative solutions and approaches to reserve attestation.

Presently, TUSD is attested in real-time by The Network Firm and integrated with Chainlink’s Proof of Reserve to secure minting and promote transparency.

Read about Justin Sun’s recent TUSD minting spree:
Tron Founder Justin Sun’s $815M TUSD Mint Raises Eyebrows

Stay updated on how TUSD refuted Justin Sun’s ownership:
TUSD Refutes Justin Sun Ownership, Threatens Defamation Lawsuit

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.