USD Coin (USDC): Circle Issues Attestation Report of US Dollar Reserves Backing USDC

Circle, the founder of dollar-pegged cryptocurrency USD Coin (USDC), published on Wednesday the first attestation report of USDC fiat reserves. The US division of the UK accounting giant Grant Thornton International verified the US dollar data in Circle’s Reserve Account Report.

According to the accounting document, there was 127,408,827 USDC coin in circulation until the end of October, which were pegged to $127,412,240.89 in custody accounts. The issued and outstanding USDC tokens did not exceed the balance of the US Dollars held in custody accounts, Circle explained in the accounting report.

Verifying those claims, Grant Thornton said in the attestation …

This article appeared first on Cryptovest

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