Moore consulting firm has begun working with TUSD as a reserve auditor

According to the first report, the issuer’s liquidity reserve is $11,9 million

16.01.2024 - 14:47

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What’s new? The TUSD team has engaged the Hong Kong arm of consulting firm Moore Global as the stablecoin’s reserve auditor. According to a statement, the partnership with MooreHK is part of its global business development strategy and will “solidify TUSD’s position as a trustworthy and transparent, industry-leading stablecoin.” MooreHK had already released its first audit report on January 16, showing TUSD’s reserves to be over $1,937 billion.

Press release

What else is known? According to the report, $1,387 billion of TUSD reserves are held in US government bonds, another nearly $502 million are assets in the accounts of Hong Kong-based custodial and trust company First Digital (which is the issuer of the FDUSD stablecoin), and the remaining $48,5 million are cash in US dollars. In turn, the total liabilities of the issued TUSD amount to more than $1,925 billion. Thus, the liquidity buffer is about $11,9 million.

As part of the cooperation, MooreHK will provide daily updates on the status of TUSD reserves. Patrick Rozario, MooreHK Advisory Services Managing Director, said that certified advisory firms with their experience and independence can provide the necessary reassurance to users of blockchain-based products.

TUSD takes the fifth place in the rating of stablecoins and 47th place in the overall list of cryptocurrencies. At the time of writing the news, the asset’s exchange rate has decoupled from the US dollar, falling by 0,7% over the day to $0,9842.

The issuing company TUSD is associated with the founder of TRON and BitTorrent Chain blockchains and CEO of HTX and Poloniex exchanges, Justin Sun. In the third quarter of last year, his group’s net income rose by 14% to $98 million.

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