See Circle Crypto Company’s USDC New April 2019 Attestation Report From Grant Thornton LLP
In a recently uploaded blog post, the Circle team informed that they have released the latest attestation report related to the US dollar reserves that it has to back the USDC. The attestation report has been released by the independent accounting firm Grant Thornton LLP.
USDC Releases Attestation Report
According to this report, there are 293,184,174 USDC and the firm holds $293,351,374 backing these digital assets. The report explains that the issued and outstanding USDC tokens do not exceed the balance of the US dollars that they hold in custody accounts.
The accounting firm Gant Thornton LLP stated that its examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
This makes sure that they obtain reasonable assurance about whether the Reserve Account Information in the Reserve Account Report is correction stated.
USDC is one of the several stablecoins that have been released to the crypto market in the last year. The company that is backed by Circle shows that it is possible to offer high standards of transparency and remain very competitive and popular in the market.
There are different stablecoins in the space, including Tether (USDT), Paxos Standard (PAX), TrueUSD (TUSD), Gemini Dollar (GUSD) and many others. These stablecoins are also backed by assets but companies do not always provide information regarding the funds they have to back these digital assets.
Stablecoins are usually used to provide stability to the market and are used as a hedge by crypto traders to avoid volatility.
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