Circle’s USDC Stablecoin Releases Latest Audit Report From an Independent Accounting Firm

Earlier today, Circle released its latest “attestation report” in relation to the USD reserves that are currently backing its USDC coin pool.

The entire scrutinization process was carried out by independent accounting firm ‘Grant Thornton LLP’ and as per the report, the key takeaways for the general public are as follows:

• As of November 30th, 2018, the total number of USDC tokens outstanding (as well as issued) amount to a total of 177,190,279 USDC
• USD held with Circle as of Nov 30th is $180,192,792

  Additionally, the folks over at Grant Thornton LLP also noted that the Circle’s total number of issued and outstanding USDC tokens were as expected (and did not exceed the total balance of US Dollars held by the company).

  Lastly, for those unaware, USDC (USD Coin) is an alt-token that allows its owners to freely transact and trade in the global cryptocurrency market. From a more technical standpoint, we can see that the USDC is an ERC20 compliant coin that has been developed atop the Ethereum blockchain.

  All USDC tokens are backed by an equal number of US dollars that are maintained within Circle’s custody accounts (at all times).

Other Noteworthy Points Worth Considering

In addition to all of the aforementioned details, the report also states that even though there will not be any more coins that will enter the circulation pool (than the US dollars in possession of the firm), the total number of reserve dollars may “exceed coins in circulation due to the timing of the audit”.

As a result of this, there might be cases where for a particular transaction, some coins may have been minted even after the latest report has been published (since some dollars could have possibly been deposited in advance).

Final Take

By releasing the above stated financial information, Circle has once again gone ahead and proven that it is committed to building a relationship with its core clientele that is based solely on the principles of transparency and accountability.

Let’s see if other crypto firms follow suit by taking a note out of Circle’s ethics book and start adhering to such high quality-assurance standards.