Crypto startup TrustToken announced Wednesday that its smart contract has passed three independent security audits conducted by Certik, SlowMist and Zeppelin, with no vulnerabilities found.

Moreover, its TrueUSD stablecoin has now exceeded $1.1 billion in monthly trading volume, with a $200 million market cap, according to the firm's data.

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.

TrustToken CEO and co-founder Danny An explained that the company will continue to focus on regulatory compliance and transparency, adding:

Separately, the company announced it has appointed former DoorDash engineer Hendra Tjahayadi as its director of engineering.

Tjahayadi has previously worked with Lyft, Dropcam and Google, and will work on TrustToken's infrastructure security and scalability, according to the company.

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