The team behind TrueUSD (TUSD) announced early Wednesday that they had engaged the Network Firm, an independent Certified Public Accounting (CPA) firm, for real-time attestation services.
Based in the United States, the Network Firm specializes in the digital asset industry, with its founding team developing crypto-native accounting, attestation, tax and audit capabilities since 2016.
The TrueUSD team added that the engagement with the Network Firm will help the company fulfil its ‘commitment to maintain transparency and stability through professional, 24/7 real-time attestations of its reserves, and to provide users with a better investment experience.’
The Head of Marketing of TUSD added:
This engagement is a forward-looking decision that TUSD has made in the context of the current industry and market dynamics. I am sure we will see more crypto-focused CPA and audit firms as the crypto industry grows. At TUSD, we also plan to work with crypto-oriented specialist tools in the future to cement TUSD’s leading position in the stablecoin sector.
TrueUSD Has Benefited from Binance USD’s (BUSD) Woes
TrueUSD’s relevance in the stablecoin arena has grown significantly more than a month after New York regulators ordered Paxos to stop minting new Binance USD (BUSD) tokens.
Consequently, BUSD’s market cap has fallen by 52.25% from $16.15 billion in late February to current levels of $7.713 billion as redemptions to USD and conversions to other stablecoins kicked into high gear.
During the same period, the market cap of TUSD has grown by 112% from around $940 million to current levels of $2 billion.
Crypto exchange Binance has also ramped up its listing of TUSD trading pairs, with the latest additions of LDO/TUSD, MATIC/TUSD, OP/TUSD, SOL/TUSD, SSV/TUSD and XRP/TUSD.
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