Under the new agreement, BDO Malta will provide quarterly and yearly statutory audits for STSS Malta Limited, the Maltese arm of the business. In addition to this, they will also be responsible for verifying the weekly cash reserves.
This news marks a previously unrivalled level of third-party verification in the stable coin realm.
STASIS work to combine the cryptocurrency market with that of traditional, fiat currencies as well as focussing on areas such as secure smart contracts and custodial services. They aim to represent real-world assets on the blockchain by combining immutable records, high transaction speeds, and increased accessibility of blockchain technology, with more traditional assets.
Created by STASIS, the EURS is the world’s first euro-pegged digital asset, mirroring the value of the Euro on the blockchain. It is propped up by liquidity assurance mechanisms that are provided by Euros at a 1:1 ratio that is held in the reserve account. EURS can be issued in exchange for Euros as well as securities that are purchased by liquidity providers to STASIS. It can also be purchased via ePayments, and asset exchanges such as Globitex, Changelly, and HitBTC.
Those customers that now hold a EURS token can be assured that it undergoes a total of four streams of reserve verification. These include weekly cash verifications, interim quarterly and annual audits by BDO Malta, and on-demand access to STASIS’ records for those that are on-boarded partners.
STASIS took this move to be sure that they have done everything in their power to bring the highest possible standards of integrity, confidence and trustworthiness to the verification of its reserves. It is hoped that this will further elevate the states of the EURS token to make it the most reliable option in the stable coin industry.
BDO Malta is a part of a global network of corporate and financial service providers, with around 1,600 offices in 165 countries and territories.
Sam Spiridonov, Audit Partner at BOD Malta said: “For any industry to succeed in the long run, financial integrity is a must and stablecoins are no exception.”
“As part of our mission to make cryptocurrency markets safe and accessible for institutional investors, we understand the importance of reducing counterparty risk at every stage of the process,” says Gregory Klumov, CEO of STASIS.
He added that by working with such a “well-respected firm” as BDO Malta, STASIS were able to provide investors with an unrivalled level of confidence in the EURS token.”
BDO Malta is a multi-disciplinary corporate services firm that assists local and international clients with tax advice, licensing for regulated businesses, blockchain and crypto services including ICOs, company administration and registration, advisory, consulting, and other corporate requirements.
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