TrueUSD (TUSD), a leading stablecoin, has announced a strategic partnership with the renowned accounting firm Moore Hong Kong (MooreHK) to bolster its reserve audit system. Starting from the end of January 2024, MooreHK will assume the responsibility of providing daily audit services for TUSD, offering daily audit reports to stakeholders and TUSD token holders.
Established in 1975, MooreHK is a proud member of the Moore Global accounting and consulting network, boasting a legacy of over a century. Headquartered in the UK, MooreHK differentiates itself by providing innovative and personalized services with an industry-focused approach.
The firm’s expert team, equipped with business intelligence, delivers comprehensive services including audit, assurance, accounting, outsourcing, taxation, and various consulting services.
The partnership marks a significant step in TUSD’s ongoing globalization initiative, aimed at increasing accessibility in major capital markets. TrueUSD anticipates that collaborating with MooreHK will not only strengthen its position as an industry-leading stablecoin but also reinforce trust and transparency within the crypto community.
In addition to the robust partnership, The Network Firm, a certified accounting and audit technology company specialized in the crypto industry, will join forces with MooreHK to provide the latest technical support to enhance the auditing process.
This multifaceted approach reflects TrueUSD’s commitment to setting new standards for transparency and accountability in the stablecoin sector and signals a positive step towards wider global acceptance.
Transparency in stablecoins has become increasingly important in the crypto space as these digital assets are designed to maintain stable value by pegging themselves to fiat currency or other assets. Users and investors of stablecoins require confidence that the issuer has sufficient reserves to support the circulating supply and maintain the peg. Transparent disclosure of reserve assets, audit reports, and other relevant financial information builds trust and credibility within the community.
This transparency helps ensure that the stablecoin issuer acts responsibly, reducing the risk of insolvency or mismanagement. Considering the importance of trust in the stability of these assets, clear and open communication about the core reserves and financial health of stablecoin issuers is crucial for their widespread adoption and acceptance in the broader financial ecosystem.