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

May 18, 2019
259 Views

Goldman Sachs-backed crypto finance startup Circle has published the latest third-party audit of its USD-pegged stablecoin USD Coin.

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.”


Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

Warning: A non-numeric value encountered in /home/btcethereum/public_html/blog/wp-content/plugins/magazine-plug/shortcodes/s-posts-tabs.php on line 18

You may be interested

CFTC Taps Coinbase Lawyer to Head Division Overseeing Bitcoin Futures
Crypto News
Crypto News

CFTC Taps Coinbase Lawyer to Head Division Overseeing Bitcoin Futures

btcethereumadmin - September 17, 2019

The U.S. Commodity Futures Trading Commission (CFTC) has just named Coinbase vice president Dorothy DeWitt as its new market supervisor.…

Coinbase-Backed ConsenSys Alum Aims to Build GitHub for Web3
Crypto News
Crypto News

Coinbase-Backed ConsenSys Alum Aims to Build GitHub for Web3

btcethereumadmin - September 17, 2019

Although most developers use GitHub to organize and share open-source code, funds like Coinbase Ventures, Distributed Global and Digital Currency…

Ex-CFTC Chair ‘Crypto Dad’ Giancarlo Joins Digital Chamber Trade Group
Crypto News
Crypto News

Ex-CFTC Chair ‘Crypto Dad’ Giancarlo Joins Digital Chamber Trade Group

btcethereumadmin - September 17, 2019

“Crypto Dad” just can’t stay away. Former Commodity Futures Trading Commission (CFTC) chairman J. Christopher Giancarlo has joined the advisory…

Leave a Comment

Your email address will not be published.