As part of its efforts to maintain the stablecoin’s security, TrustToken is now storing the U.S. dollars backing the token in multiple third-party trust companies. Each trust company is regulated through the State of Nevada Financial Institutions Division.
The firm now intends to work with trust companies regulated by the Delaware Office of the State Bank Commissioner and the Ohio Department of Commerce as well.
As a result, it said, TrueUSD redemption will not be compromised by a single point of failure should any single institution have issues.
“Over the past year, we have invested heavily in building asset tokenization technology that is not only critical for the cryptocurrency industry, but also equalizes the ability to trade worldwide, and gives people true control over their assets.”
Separately, the company announced it has appointed former DoorDash engineer Hendra Tjahayadi as its director of engineering.