Something about Stablecoin P.9
by Kenneth Rapoza

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No surprise, a company you’ve never heard of called TrustToken launches the latest digital coin dedicated to the crypto-asset investor — the audited, fiat-backed cryptocurrency TrueUSD — and raises $20 million from traditional venture capitalists. In this case, a group of eight led by brand-namers Andreessen Horowitz, the VC firm of Web browser billionaire Marc Andreessen and Silicon Valley staple Ben Horowitz.
Over the last five weeks, TrueUSD has built a market cap of around $50 million because institutional money continues to pour into the crypto space. As of the week ending June 19, it had over $60 million in TrueUSD coins in circulation, all fully backed by the dollar and held in managed trusts with monthly audits by Cohen & Company.
Audited stable coins are an example of how the crypto space is getting wise to the fact that traditional money managers want in. But they want in to a market that looks a bit more like the traditional financial market they know well rather than token trading for handshakes inside something akin to a virtual Star Wars cantina.
TrueUSD launched in March. It is one of a handful of coins that are linked to fiat currency and part of a club of those so-called stable coins that get audited. It’s the audited stable coin, in theory, that brings a level of traditional, professional financial industry trust to the market.

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