Circle Releases USDC Attestation Report Performed by Grant Thornton LLP
Circle is the provider of the USDC stablecoin, which is required to maintain a 1:1 ratio with the company’s liquidity at all times. The company posted a blog today to announce the publication of their attestation report, vouching for their US dollar reserves. The report was prepared by Grant Thornton LLP, which is an independent accounting firm.
Based on the data collected through February 28th, the accounting firm found that the company has a total of 236,917,932 USDC tokens, which includes both issued and outstanding. In Circle’s custody accounts, the firm found $236,939,216, demonstrating that the issued and outstanding tokens are not higher than the US dollars that the company had in custody accounts.
These reports are expected to come out every month and will continually be performed by Grant Thornton LLP until further notice. Presently, reports are available as far back as October 2018. Any consumer can view and/or download the reports at centre.io/usdc-transparency.
While Circle has gone through these audits, it is worth mentioning that Tether has been surprisingly silent. With all of the troubles that they went through last year to prove their liquidity (which was still majorly debated), it may serve them well to follow in the steps of Circle with their own attestation report prepared.