• TUSD has a current collaboration with five banks.
• Partner banks provide a safeguard for TUSD’s asset security.
• Armanino is currently auditing TUSD.

Stablecoin TrueUSD, (TUSD), has named five bank partners that provide asset security to its USD reserves.

TUSD states that it is currently compatible with Signature Bank (NASDAQ:), Silvergate Bank. Prime Trust. First Digital Trust. BitGo. BitGo is for safekeeping USD assets that support the stabilitycoin’s value.

For one, Signature Bank is the first bank insured by the Federal Deposit Insurance Corporation (FDIC) to launch a blockchain-based digital payments platform—Signet.

TUSD partnered with Signature Bank, a New York-based commercial firm, and was then integrated into Signet, Signature’s payment network, opening 24/7 minting services within two minutes. TUSD admitted that this development “greatly” improved its financial services for its users. Signet offers TUSD transactions for free.

Silvergate is another TUSD partner bank starting in 2021. Silvergate, a financial institution that opened accounts for cryptocurrency transactions in the early days of crypto banking, has been regarded as one of only a few crypto-friendly banks.

TUSD leverages the Silvergate Exchange Network (SEN), providing users with another “efficient” token minting service.

Together with SEN, TUSD reinforces its near-instant minting and redemption services with Prime Trust’s PrimeX. PrimeX is a service that allows holders of TUSD to instantly redeem tokens and issue mint notes.

With TUSD partner First Digital Trust, users of the stablecoin have the option to mint or redeem tokens. TUSD recognizes that the bank only allows maximum and minimum transactions. However, it saw this opportunity to offer its customers options, particularly if users plan on redeeming smaller amounts of TUSD.

BitGo also included TUSD as a stablecoin in its initial offerings. BitGo’s secure multi-signature wallets allow TUSD users to purchase the stablecoin within the wallet.

BitGo allows users to purchase TUSD and convert it without any fees. To mint or redeem TUSD, you must have at least $1,000.

TUSD announced that they are looking at new ways to improve their services. It plans to establish relationships with additional bank partners in order to do this.

TUSD had been reported earlier to be being audited now by Armanino. This is a leading European auditor firm. Armanino will attest to the stability of TUSD’s smart contracts on-chain. TUSD is the sole stablecoin to have implemented these security standards.

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