USDC gets proof of funds approval, attestation report confirms USD backed coins

17 Jan, 2019
by Ryan Boltman
News
USDC gets proof of funds approval, attestation report confirms USD backed coins

Circle have announced that their USD backed stable coin, USDC has completed another attestation report confirming that it has the funds in USD to back the USD Coin. 

Proof of funds appeared to be one of the major issues customers had when using Tether (USDT). Since then, several stable coins have appeared in order to stabilize the market. One of them is Circle's USD Coin (USDC).

In a recent announcement, Circle announced that their third attestation report had been completed. The report confirms that independent account firm Grant Thornton LLP. successfully audited the funds and confirmed that 251,211,148 USDC have been issued and outstanding, while there is $251,211,209 US in custody.

Therefore the amount of USD Coins totals the amount of fiat currency being held by Circle.

Also Read: Does Tether really have $1.8 Billion back up funds? New report casts doubts

Circle will be doing monthly audits on their digital currency to prove that funds match the assets. This is something Tether had failed to maintain up front causing speculation as to whether the USDT was actually backed by fiat or not.

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Read more about: Circle

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