Circle's Dollar-Tied Stablecoin Fully Backed, Auditor's 'Attestation' Says
Circle Internet Financial had $127.5 million at the end of last month, enough to back the total number of USDC stablecoins in circulation.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/I7YBU7F3ANG3ZG2GZFIBH3NGGU.jpg)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
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.
As of press time, there were 162,968,332 USDC tokens in circulation, according to CoinMarketCap, with a total supply of 163,204,910.03 according to the token tracker attached to the USDC smart contract.
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:
The controversial company produced a letter from Deltec Bank and Trust Limited earlier this month proving that it had a "portfolio cash value" of $1.8 billion, though it is unclear whether it holds the funds in cash specifically or if other assets are also being considered.
Dollars image via Shutterstock
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.