Circle’s USDC Stablecoin Absolutely Dollar Backed, Suggests Most current Auditor’s Report

    Crypto finance startup Circle’s USDC stablecoin was entirely backed with fiat reserves at the shut of 2018, according to auditing organization Grant Thornton.

    The auditor printed an attestation report on Wednesday, stating that Circle had $251,211,209 held in custody accounts as of Dec. 31, 2018, towards the 251,211,148 USDC tokens in circulation at the time.

    Goldman Sachs-backed Circle at this time has a overall of 353,309,381 USDC tokens on the marketplaces, according to information from Etherscan, indicating it has topped up provide by about 100 million tokens within the previous 15 times.

    In its report, Grant Thornton noted that its assessment “was carried out in accordance with attestation specifications recognized by the American Institute of Accredited General public Accountants.”

    The firm’s previous attestation of Circle’s assets again in November also observed no challenges. Circle had just under $127.5 million as of Oct. 31, 2018, more than enough to redeem its USDC tokens circulating at the time.

    Stablecoin issuers Gemini and Paxos have likewise printed supporting attestations from their auditing corporations, BPM and Withum, respectively. Gemini had about $91 million in reserves to again its Gemini dollar (GUSD) circulation as of Dec. 31, 2018, when Paxos had about $142 million to again its PAX provide.

    When the controversial and the major stablecoin issuer in the place, Tether, reportedly appears to have had adequate fiat reserves to again up its USDT tokens during 2018 and 2017, it has failed to make a total audit from a experienced specialist.

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