New USDC Attestation Report Confirms That Circle Has Appropriate Funds

Circle has announced a positive result of the USDC stable coin audit in its blog, as well as in a Twitter account. The report confirms that the company has fiat funds in US dollars to back the digital coin. This is the third attestation report for Circle, this time the procedure was conducted by the independent accounting company Grant Thornton LLP.

Independent accounting firm Grant Thornton LLP issues attestation report on US Dollar reserves backing USD Coin (USDC) in circulation through December 2018. https://t.co/xoDVF4Qubi

— Circle (@circlepay) 16 января 2019 г.

The audit confirmed that 251,211,148 USDC tokens are emitted and outstanding, while there is $251,211,209 US in custody. Thus, the volume of digital currency is almost entirely consistent with the amount of fiat currency which belongs to Circle.

The approval of the funds’ availability turned out to be one of the main issues faced by the users of cryptocurrency Tether (USDT). At the moment, there are several stable coins circulating on the market, which play an important role in its stabilization. Circle cryptocurrency — USDC — is one of them. According to Circle representatives, audits of digital currency will be conducted on a monthly basis in order to prove the compliance of tokens and fiat assets. This is one of the factors that Tether didn’t manage to maintain, and this fact regularly aroused suspicions as to whether the USDT coin is backed by fiat dollars at all.

Image courtesy of Circle blog on Medium