Wallex Trust announced today the launch of their Euro stablecoin, EURST, an asset-backed stablecoin, which is supported by Real-Time Attestations by Armanino LLP, one of the 25 largest accounting and business consulting firms in the U.S.
Utilizing blockchain technology to connect on-chain token data with off-chain collateral data, Armanino’s TrustExplorer Real-Time Attestsolution provides downloadable attest reporting to all site visitors. The Wallex EURST team is committed to fundamental and systemic improvements in global financial markets and believes embracing transparency from the outset is a winning formula for customers and markets.
EURST is one of the first stablecoins to embrace this level of independent, third-party attest reporting and transparency. EURST combines the power of the Ethereum blockchain, the euro as a unit of account, and a full-reserve model to ensure customer redeemability.
Instead of relying on “point-in-time” reports that are stale as soon as they are distributed, real-time attest reports allow EURST to provide customers information that is always current and relevant.
EURstablecoin is a fiat-backed stablecoin created by Wallex Trust and based on the Ethereum network’s ERC20 token standard. EURST tokens are and will always be fully backed by an equivalent unit of real currency (US dollars) in a real-time audited and transparent reserve for the benefit of the Wallex Trust customers, the primary issuer of EURST tokens.
Token issuance/redemption transactions are recorded on-chain, in addition to regular third-party audits. The presence of a physical, real-time audited, and redeemable USD reserve effectively pegs the market value of EURST tokens to the real-time Dollar value of 1 Euro. For more information, visit this website.
Armanino LLP is one of the 25 largest independent accounting and business consulting firms in the nation. Armanino provides an integrated set of audit, tax, business management, consulting, and technology solutions to companies in the U.S. and globally.
The firm helps clients adapt and change in every stage of business, from startup through rapid growth to the sale of a company. Armanino emphasizes smart technology, leading a cloud revolution of financial, operational, sales, and compliance tools that are transforming the way companies do business.
The firm extends its global services to more than 100 countries through its membership in Moore Global, one of the world’s major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates its division, AMF Media Group, a media and communications services agency. Its affiliate, Intersect Capital is an independent financial planning, wealth, and lifestyle management firm.