Auditing firm Grant Thornton confirmed that the end of 2018, stablein USDC from start-up Circle has been fully provided with Fiat reserves.
The Independent accounting firm Grant Thornton LLP attestation report on issues of US Dollar reserves backing the USD Coin (USDC) in circulation through December 2018. https://t.co/xoDVF4Qubi
— Circle (@circlepay) January 16, 2019
As at 31 December 2018, for custodial accounts Circle was $251 211 209, and the treatment was 251 211 148 USDC.
Note that in the last 15 days Circle have increased the number of USDC in the market to 371,35 million USDC, releasing more than 100 million tokens.
The audit was conducted in accordance with AICPA standards.
Prior to this, Grant Thornton has twice conducted the audit Circle [November and December] and found no problems with Fiat reserves.
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