Source: BlockBeats

Auditing plays a crucial role in the stablecoin field. With the rapid development of the digital currency market, stablecoins serve as a bridge connecting the traditional financial and cryptocurrency worlds, making their stability and reliability particularly important. Therefore, auditing becomes a key means to ensure the real and credible value of stablecoin. Through independent third-party audits, it can be verified whether the assets behind the stablecoin truly exist and whether they are consistent with their market value.

This transparency and verifiability are crucial for maintaining investor confidence, ensuring market stability, and promoting widespread acceptance and use of stablecoins. Therefore, effective auditing not only enhances the reputation of stablecoins but also brings higher security and compliance to the entire digital currency market.

The new auditing company for TUSD, what's its background?

Previously, TUSD had been audited in real time by an independent industry professional accounting firm, The Network Firm, based in the United States, to ensure that its dollar reserves were in a 1:1 ratio with the circulating token supply, with a 100% collateralization rate.

The Network Firm is a US-based independent accounting firm specializing in the digital asset industry. Since 2016, the company's founding team has been at the forefront of developing native cryptographic accounting and auditing services, as well as traditional tax and auditing capabilities, accumulating rich experience in the industry.

On December 25th, TUSD announced its new auditing company, Moore Hong Kong, in collaboration with The Network Firm.

Established in 1975, Moore Hong Kong is a reputable company in the accounting and consulting field. It includes Moore Stephens CPA Limited, Moore Stephens Consulting Limited, Moore Stephens Tax Services Limited, Moore Stephens Advisory Limited, Moore Stephens Transaction Services Limited, Moore Stephens Recovery Limited, and First Island Secretaries Limited.

As a member of Moore Global, Moore Hong Kong is at the core of this global accounting and consulting network. Moore Global, with over 100 years of history rooted in the UK, now has a wide influence globally.

With its strong professional team at the core, Moore Hong Kong provides comprehensive services including auditing, verification, accounting, business outsourcing, tax, and other consulting services. The company initially served the shipping and logistics industry and has since expanded into multiple fields such as insurance and financial services. Its client base ranges from startups to internationally listed companies, particularly with rich expertise in the field of public listings.

Moore Hong Kong not only possesses the ability to deeply understand the local market but also provides clients with international perspectives and advice based on its regional structure. With over 600 offices in more than 110 countries, especially with a strong network in Western Europe, North America, and Australia, and rapid expansion in Central and South America, Eastern Europe, and the Middle East, Moore Global is a significant player in the accounting and consulting industry.

Clients of Moore Hong Kong can be assured that they will receive in-depth local knowledge and extensive international support. Each Moore company provides the same high standard of personalized service, ensuring that client needs are met. Moore Global's global coverage and diverse services have positioned it as a key player in the accounting and consulting industry, particularly excelling in serving medium-sized enterprises.

Leading technology for 24-hour auditing

Previously, TUSD's collaboration with The Network Firm enabled TUSD to achieve real-time verification 24/7, ensuring transparency and stability of its reserves and providing users with a better investment experience.

Additionally, TUSD partnered with the leading oracle service provider Chainlink to use Chainlink's Proof of Reserves (PoR) technology to ensure the security of minting, allowing for programmatic minting and real-time on-chain verification of off-chain reserves, further ensuring transparency and reliability. As the first stablecoin to control minting programmatically through on-chain verification of off-chain reserves, TUSD has set a new standard for decentralization, transparency, and independent verification.

With the integration of Chainlink PoR, TrueUSD (TUSD) is the first stablecoin anchored to the US dollar to provide on-chain real-time verification by an independent third-party institution, ensuring the security of minting and further guaranteeing transparency and reliability. Users can access relevant data through the official website tusd.io for daily automatic auditing.

The collaboration between TrueUSD (TUSD) and Chainlink enables on-chain verification of its offline (off-chain) reserves. This is achieved through Chainlink's oracle technology, allowing TUSD to programmatically display the status of its reserves in real time on the blockchain. This technology, known as "Proof of Reserves" (PoR), raises the standards of transparency and innovation for TUSD, while also enhancing user trust in the stability and reliability of TUSD. This collaboration establishes a new standard of transparency and innovation for TUSD in the decentralized finance (DeFi) field.

Auditing companies for other leading stablecoins

In the stablecoin field, the choice of auditing companies is crucial for ensuring transparency and enhancing user trust. Comparing the auditing history of the two major stablecoins, USDT and USDC, as well as the emerging stablecoin FDUSD, we can see their respective development paths and varying emphasis on auditing standards.

Tether recently announced its collaboration with the globally ranked fifth accounting firm, BDO Italia, as an important step to enhance financial transparency. Prior to working with BDO Italia, Tether had collaborated with Moore Cayman and MHA Cayman.

It is worth noting that Moore Cayman, which Tether had previously collaborated with, and Moore Hong Kong, the new auditing company for TUSD, are both member companies of the Moore Global network. Moore Global is an international accounting and consulting network with member companies spread across the globe. While these member companies are connected in terms of brand and network resources, they are typically independent entities in operations and management. Therefore, despite belonging to the same global network, Moore Cayman and Moore Hong Kong operate independently with their own business focuses and markets.

Furthermore, Tether plans to transition from quarterly reporting to monthly reporting and undergo comprehensive auditing. Previously, Tether had worked with Friedman LLP, but the collaboration ended in 2018. Subsequently, Tether engaged Freeh, Sporkin & Sullivan LLP to provide legal advice and counsel, and conducted a comprehensive audit of its reserves with MHA Cayman, confirming that its cash and cash equivalents exceeded its liabilities by 100%.

Circle's stablecoin USDC has historically been audited by Grant Thornton LLP. As of November 30, 2018, Grant Thornton LLP had audited the reserves held by Circle for USDC. Additionally, Circle announced a collaboration with Deloitte in early 2023 to strengthen the transparency of its reserves.

First Digital USD (FDUSD) is audited by Prescient Assurance, a US-registered accounting firm specializing in security testing and compliance certification services. The company's main services include SOC 2 audits and attestations, ISO 27001 certification, PCI QSA and ASV services, Google OAuth API verification, and more. By combining an audit team with rich experience in cloud-native technology and modern application security architecture, Prescient Assurance fills the knowledge gap in cybersecurity testing that most CPA accounting firms providing SOC 2 audits have. The company also offers a variety of other compliance and security certification services, committed to providing clients with a painless, frictionless, and efficient multi-framework audit experience.

Comparing these three stablecoins, we can see that both Tether and USDC are striving to enhance their transparency and compliance by collaborating with well-known accounting firms to increase user trust. However, Tether's auditing journey is more diverse, involving multiple different accounting firms, while USDC and FDUSD have stable collaborations with Grant Thornton LLP and Prescient Assurance, respectively.

TUSD: Historical Evolution and New Development Chapter

Over the past six years, from 2018 to 2023, TUSD has undergone several transformations.

TUSD, issued by TrustToken, was the first regulated operator-launched USD stablecoin, preceding USDC, USDP, and BUSD. It made its debut in April 2018, receiving support from prominent investment firms such as a16z, Founders Fund, and GGV Capital, raising a total of $20 million in investments. Upon its launch, TUSD quickly landed on mainstream trading platforms such as Binance, Bittrex, and Upbit, demonstrating its appeal in the cryptocurrency field.

However, over time, TUSD's market position experienced fluctuations. In early 2020, its circulation dropped to around $150 million, lower than USDC's $500 million and USDP's $200 million. After experiencing initial glory and mid-term decline, fortunately, at the end of the same year, TUSD turned a corner when it was acquired by the investment company Techteryx Ltd. in the British Virgin Islands, marking the beginning of a new development chapter.

Under the management of Techteryx, TUSD gained new momentum. The company has offices in multiple countries and regions in Asia, including Singapore and Hong Kong, and has established long-term partnerships with industry-leading enterprises. These initiatives enhanced user trust in TUSD and drove its global popularity and development.

By June 2023, TUSD's circulation had significantly increased, reaching a historic high of over $3 billion, approaching the market value of BUSD, making it the fifth largest stablecoin in the market. Currently, with BUSD "exiting the historical stage," TUSD's market value has become the fourth largest stablecoin. Particularly noteworthy is that TUSD achieved over 200% circulation growth during the cryptocurrency market bear market, demonstrating its unique market resilience and attractiveness.

In terms of applications, TUSD has received significant support and attention on both centralized and decentralized exchanges. It has become a significant trading asset on major cryptocurrency exchanges such as Binance, Bybit, and HTX. In the decentralized finance (DeFi) field, TUSD is also listed on major protocols such as PancakeSwap, Curve, and Compound, providing substantial investment returns.

Furthermore, in the payment and cross-chain compatibility field, TUSD has shown rapid expansion and outstanding performance. It has been integrated by multiple platforms such as Alchemy Pay, Binance Pay, Travala.com, UQUID, and HYVE, proving its versatility and utility in the digital economy, and is compatible with multiple mainstream public chains such as Ethereum, Tron, Avalanche, BNB Chain, and Polygon.

After undergoing multiple transformations and challenges, TUSD has not only made new breakthroughs in audit transparency but also achieved significant growth in market position and user trust. The addition of the new auditing partner, Moore Hong Kong, further solidifies TUSD's position in the stablecoin market. With the continuous development of the cryptocurrency market, TUSD is expected to continue playing an important role in the future, leveraging its stability, transparency, and innovation.

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