Leading stablecoin TrueUSD (TUSD) has announced a strategic partnership with renowned accounting firm Moore Hong Kong (MooreHK) as a significant step to strengthen its reserve audit system. From the end of January 2024, MooreHK will take on the responsibility of providing daily audit services for TUSD, thereby offering daily audit reports to both stakeholders and TUSD token holders.
Moore Hong Kong: A Trusted Legacy in Accounting Excellence
Founded in 1975, MooreHK is a proud member company of the Moore Global accounting and consulting network, with a noteworthy history of over 100 years. Headquartered in England, MooreHK has distinguished itself with an industry-focused approach by offering innovative and personalized services to its clients.
The firm’s expert team, equipped with business intelligence, provides comprehensive services including audit, assurance, accounting, business process outsourcing, taxation, and various consulting services.
Partnership as a Result of Globalization Efforts
This partnership represents a significant step in TUSD’s ongoing globalization initiative, which aims to increase its 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 audit 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 broader global acceptance.
Why is Transparency Important in Stablecoins?
Transparency in stablecoins has become increasingly valued in the crypto space because these digital assets are designed to provide stable value by pegging themselves to a reserve of fiat currency or other assets.
Stablecoin users and investors need 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. Given the importance of confidence in the stability of these assets, clear and straightforward communication about the fundamental reserves and financial health of stablecoin issuers is crucial for the widespread adoption and acceptance of stablecoins in the broader financial ecosystem.
