TrustToken has engaged Cohen & Company, a Top 50 public accounting firm with cryptocurrency expertise, to independently confirm that the TrueCurrency assets the independent fiduciaries hold in escrow adequately collateralize the outstanding TrueCurrency coins that have been issued. TrueCurrency coins currently include TrueUSD, TrueGBP, TrueCAD, TrueAUD, and TrueHKD.
All the attestations that have been published since the launch of each TrueCurrency can be viewed below.
List of All Attestations
March 1st, 2018 — Total TrueUSD funds: $4,777,750
March 8th, 2018 — Total TrueUSD funds: $6,579,550
March 15th, 2018 — Total TrueUSD funds: $6,579,550
March 22nd, 2018 — Total TrueUSD funds: $7,924,114
April 2nd, 2018 — Total TrueUSD funds: $9,474,114
April 26th, 2018 — Total TrueUSD funds: $12,013,114
May 23rd, 2018 — Total TrueUSD funds: $33,255,259.88
May 31st, 2018 — Total TrueUSD funds: $41,364,986.77
June 18th, 2018 — Total TrueUSD funds: $62,102,831.74
June 29th, 2018 — Total TrueUSD funds: $83,792,510.88
July 16th, 2018 — Total TrueUSD funds: $79,051,658.66
July 31st, 2018 — Total TrueUSD funds: $60,932,767.02
August 15th, 2018 — Total TrueUSD funds: $66,501,803.02
August 31st, 2018 — Total TrueUSD funds: $73,083,569.02
October 1st, 2018 — Total TrueUSD funds: $102,736,868.02
October 16th, 2018 — Total TrueUSD funds: $161,519112.49
October 31st, 2018 — Total TrueUSD funds: $174,880,199.01
November 30th, 2018 — Total TrueUSD funds: $195,050,843
January 2nd, 2019 — Total TrueUSD funds: $207,224,607
January 31st, 2019 — Total TrueUSD funds: $207,460,602
February 28th, 2019 — Total TrueUSD funds: $202,621,765
March 31st, 2019 — Total TrueUSD Funds: $199,063,885
April 30th, 2019 — Total TrueUSD Funds: $211,460,789
May 31st, 2019 — Total TrueUSD Funds: $243,339,939
June 30th, 2019 — Total TrueUSD Funds: $214,424,476
June 30th, 2019 — Total TrueGBP Funds: £ 1,080,021
June 30th, 2019 — Total TrueCAD Funds: CAD $11,587
June 30th, 2019 — Total TrueAUD Funds: AUD $11,460
July 31st, 2019 — Total TrueUSD Funds: $207,738,081
July 31st, 2019— Total TrueGBP Funds: £ 1,080,021
July 31st, 2019 — Total TrueCAD Funds: CAD $11,587
July 31st, 2019— Total TrueAUD Funds: AUD $11,460
August 29, 2019— Total TrueUSD Funds: $196,985,143
August 29, 2019 — Total TrueGBP Funds: £ 1,080,021
August 29, 2019 — Total TrueCAD Funds: CAD $11,587
August 29, 2019— Total TrueAUD Funds: AUD $11,460
August 29, 2019 — Total TrueHKD Funds: HKD $44,581
September 30, 2019 — Total TrueUSD Funds: $190,612,453
September 30, 2019 — Total TrueGBP Funds: £ 1,080,021
September 30, 2019— Total TrueCAD Funds: CAD $11,687
September 30, 2019 — Total TrueAUD Funds: AUD $11,549
September 30, 2019 — Total TrueHKD Funds: HKD $244,571
October 31, 2019 — Total TrueUSD Funds: $180,351,568
October 31, 2019 — Total TrueGBP Funds: £ 1,080,021
October 31, 2019 — Total TrueCAD Funds: CAD $11,687
October 31, 2019 — Total TrueAUD Funds: AUD $16,750
October 31, 2019— Total TrueHKD Funds: HKD $244,571
December 2, 2019 — Total TrueUSD Funds: $163,037,201
December 2, 2019 — Total TrueGBP Funds: £ 1,080,021
December 2, 2019 — Total TrueCAD Funds: CAD $15,087
December 2, 2019 — Total TrueAUD Funds: AUD $16,750
December 2, 2019 — Total TrueHKD Funds: HKD $244,571
January 2, 2020 — Total TrueUSD Funds: $154,099,243
January 2, 2020— Total TrueGBP Funds: £ 1,081,149
January 2, 2020— Total TrueCAD Funds: CAD $15,187
January 2, 2020— Total TrueAUD Funds: AUD $18,750
January 2, 2020— Total TrueHKD Funds: HKD $504,571
January 31, 2020 — Total TrueUSD Funds: $137,420,206
January 31, 2020 — Total TrueGBP Funds: £ 1,081,192
January 31, 2020— Total TrueCAD Funds: CAD $15,187
January 31, 2020— Total TrueAUD Funds: AUD $30,594
January 31, 2020 — Total TrueHKD Funds: HKD $799,571
February 28, 2020 — Total TrueUSD Funds: $143,883,569
February 28, 2020 — Total TrueGBP Funds: £ 1,328,346
February 28, 2020 — Total TrueCAD Funds: CAD $55,176
February 28, 2020— Total TrueAUD Funds: AUD $245,492
February 28, 2020 — Total TrueHKD Funds: HKD $984,571
March 31, 2020 — Total TrueUSD Funds: $138,888,840
March 31, 2020— Total TrueGBP Funds: £ 1,357,726
March 31, 2020— Total TrueCAD Funds: CAD $198,827
March 31, 2020 — Total TrueAUD Funds: AUD $1,578,725
March 31, 2020 — Total TrueHKD Funds: HKD $802,948
NOTE: As of March 31, 2020 — Cohen & Co will no longer continue to perform independent attestations of the TrueCurrency funds.
On December 7, 2019, Armanino LLP launched TrustExplorer, the world’s first-ever stablecoin assurance platform. TrustExplorer is a blockchain-enabled assurance technology that provides a key layer of trust and transparency to multiple digital asset ecosystems. All TrueCurrencies are now receiving near-real-time attestations from Armanino LLP within the TrustExplorer and all future attestations can be found HERE.
Note: As part of TrustToken’s commitment to compliance, we want to make clear the nature of our relationship with Cohen & Company, an independent third-party U.S. certified public accounting (CPA) firm. As a regulated entity, Cohen & Company provides third-party examinations of the collateralized funds held in escrow to back all TrueCurrencies (TUSD, TGBP, TCAD, TAUD, and THKD) in circulation. Cohen & Company is not the parent company of, nor has any financial interest in, TrustToken, Inc. or any of its affiliates. The results of Cohen & Company’s examinations are published in monthly attestation reports.
Each month Cohen & Company will perform an examination on whether management’s assertion that the Holdings Report Statement is fairly presented. Staying true to our vision to build reliability and trust in TrueCurrencies, we will share the opinion letter with the community as another way to demonstrate that TrueCurrencies are stablecoins fully collateralized by their respective fiat currencies.
“We appreciate TrueUSD’s proactive approach to creating transparency. We look forward to supporting the best interests of TrueUSD’s token holders through examining the collateralization of the outstanding TrueUSD coins,” said Corey McLaughlin, co-president of Investment Industry Services for Cohen & Company, and head of the firm’s cryptocurrency practice.
Why Cohen & Company
During the time we’ve spent talking with the Cohen & Company team, we’ve been impressed with their aptitude and professionalism. They’ve demonstrated a thorough understanding of the vision for TrueUSD and a commitment to technical and quality standards. With cryptography expertise in-house, Cohen & Company has built a leading cryptocurrency audit and tax practice, and now works with over 85 cryptocurrency funds. Overall, the data points we’ve received about Cohen & Company validate that they are a great fit for this engagement.
One step forward
For any cryptocurrency that claims to be backed by real currencies or assets, it’s essential to have an independent public accounting firm attest to the value of the underlying funds. If TrueCurrencies are able to match the demand for fiat-backed stablecoins, their volume could grow substantially over the next few months. As more funds are transferred to TrueCurrency escrow accounts, we will initiate the involvement of multiple outside auditing firms. Cryptocurrency expertise and firm reputation will be significant factors in our decision-making process.
TrueUSD was the first asset token created on the TrustToken platform. We set out to build a USD-backed stablecoin that the community would use and trust. Our engagement with Cohen & Company is one of many steps towards that goal. Stay tuned for more public announcements, including more accounting and banking relationships.
To confirm the status of Cohen & Company’s engagement, please contact them at coheninfo@cohencpa.com.
