The auditing company Grant Thornton LLP verified the existence of reserves in us dollars, required for issuing secured leading Fiat currency stablein Circle USD Coin.
According to the findings, published by the American division of a large auditing company Grant Thornton International 16 November, as of 31 October, Circle Internet Financial had accounts for custodial storage $127 412 240,89, despite the fact that at that time the amount of tokens in circulation amounted to 127 408 827.
In the report experts Grant Thornton indicate that the analysis “was conducted in accordance with attestation standards established by the American Institute of certified public accountants”, so the “nature, timing and volume of selected procedures” shall be elected by the organization that concerns the “assessment of the risks of material misstatement of the information about the reserve account, regardless of the fact that there was fraud or mistake.”
“When assessing the risks of material misstatement, we reviewed and obtained an understanding of the internal control system relevant to preparation of information about the reserve account and the related Report reserve account, in order to develop procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such internal control” — explained in the report.
According to CoinMarketCap, at the time of publication already in circulation 163 471 709 tokens USDC, data confirms the token tracker for smart contract USDC Etherscan.
We will remind, according to the chief officer of the Circle on financial issues of the Naim Ishak (Naeem Ishaq), all tokens produced by the startup Circle in conjunction with the cryptocurrency through Coinbase exchange was founded by a consortium of CENTRE, provided Fiat currency. The famous report of the auditing company, despite the fact that it is not a result of the full audit is intended to confirm the existence of the required reserve.
Other issuers stabilio, such as cryptocurrency and the Gemini exchange startup Paxos, also presented the conclusions of audit companies. As in the case of Circle, we are not talking about a full scan, but they contrast sharply with the evidence of reserves, represented the largest Issuer of stabilio Tether.
In the beginning of the month the controversial company submitted a letter from his Bank Deltec Bank & Trust Limited, which was to confirm that the Tether has cash in the amount of $1.8 billion Letter again aroused suspicion, which traditionally accompanies the attempts of the company to prove the availability of the necessary funds. So, the letter did not specify the names of specific employees of the Bank had only signed an unknown person, is also very peculiar. In addition, the text contained several clauses regarding “limited liability” of the Bank and use as a base only “information available”. It is also unclear whether funds of the Issuer in the form of cash or any other assets.