Today, December 6th, Stasis announced the choice of its partner for auditing the euro reserves of its stable coin EURS. The company selected was BDO Malta, which specializes in financial and insurance auditing.
BDO Malta will carry out a quarterly audit of the fiat currency reserves. The audit process will be accompanied by weekly checks on the level of reserves, thus reaching a level of certainty never before achieved in the virtual currency sector.
With this collaboration, the verification levels of Stasis become four:
- Daily on deposits, carried out by Stasis;
- Weekly on deposits, carried out by BDO;
- Full quarterly, performed by BDO,
- Annual, based on accounting carried out in accordance with international standards.
Stasis EURS is a stable coin with total parity: one euro is deposited for each issued EURS. It is therefore essential to certify the fiat money deposited and their full correspondence with the virtual currencies, without creating a fractional reserve that is outside the vision of the whitepaper.
Gregory Klumov, CEO of Stasis, said:
“As part of our mission to make cryptocurrency markets safe and accessible for institutional investors, we understand the importance of reducing counterparts risk at every stage of the process“.
BDO has been named one of the top five companies dedicated to this type of auditing, so its participation is seen by the Stasis team as essential to the success of its project.
With 27 million capitalized so far, Stasis EURS is the most popular euro-related stable coin project, although still far from other US dollar-related stable coins such as USDCoin, True USD, Tether and Paxos.