Circle Releases Another Attestation Report on Stablecoin USDC’s USD Reserves

Published at: May 18, 2019

Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin, USD Coin (USDC). The company reported the update in a blog post published on May 17.

USD Coin is an Ethereum-based token compliant with the ERC20 standard that was first announced in May last year and released in September.

Per this week’s announcement, the audit of the coin’s fiat reserves was conducted by major Chicago-based accounting firm Grant Thornton LLP.

The report released by the firm states that as of April 30, 2019 at 11:59 p.m. Pacific Time there were 293,184,174 USDC issued, and that there were $293,351,374 in the firm’s reserves. Lastly, the auditing firm claims that, at the time specified above, the issued and outstanding USDC tokens did not exceed the balance of the U.S. dollars held in custody.

According to CoinMarketCap data, USDC’s market cap currently exceeds $359 million and is up over 40% from the value it reported a month ago.

At the end of April, lawyers from the company behind USD stablecoin tether (USDT) reported that the coin only has enough cash to back three-quarters of its increasing supply.

As Cointelegraph reported yesterday, social media giant Facebook has evidently formed a new financial tech firm, Libra Networks LLC, presumably to work on its rumored stablecoin.

Earlier this week, Francois Villeroy de Galhau, the governor of the Bank of France,expressed interest in stablecoins, stating that the bank is “observing [the developments] with great interest.”

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United States
Ethereum
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Cryptocurrencies
Stablecoin
Banking
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Dollar
Circle
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