Circle Internet Financial had just under $127.5 million backing the dollar-pegged USD Coin at the end of last month, enough to redeem every token at the time, according to a major auditing firm.
Grant Thornton LLP, the U.S. branch of Grant Thornton International, reported in an attestation dated Nov. 16 that Circle had $127,412,240.89 held in custody accounts as of Oct. 31, 2018, slightly exceeding the 127,408,827 USDC tokens in circulation at the time.
While not a full audit, the report confirmed information provided by Circle chief financial officer Naeem Ishaq about the funds backing up the stablecoin now jointly issued by Circle and Coinbase through the CENTRE Consortium.
In its report, Grant Thornton noted that its examination "was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants," meaning that "the nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of the Reserve Account Information, whether due to fraud or error."
The report went on to explain that:
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