S&P Global Ratings assesses the ability of TrueUSD (TUSD) to maintain its peg to the U.S. dollar at 5 (weak). Our asset assessment is 4 (constrained) since we have no information on the nature of the assets in the reserve or the creditworthiness of institutions holding these assets. TUSD uses real-time attestation for its underlying assets, which are made up of deposits with depository institutions in Hong Kong, Switzerland, and the Bahamas, according to public information. The independent accountant's report states that the assets include cash, cash equivalents, and short-term highly liquid investments, all denominated in U.S. dollars. We understand the Hong Kong-based depository institution also invests in other instruments to generate yield. The negative adjustment is because of the scarcity of public information about the segregation of the underlying assets and their bankruptcy remoteness from Techteryx, beyond what is mentioned in the independent accountant's report.