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

17 Jan, 2019
by Ryan Boltman
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


Which is your stable coin of choice?

(29 votes)

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I don't think Circle provide the honest news and i don't trust it.
17 Jan, 2019 - 20:39
I didn`t trust it from the very beginning and it was a good idea. Circle pays for the fake news
18 Jan, 2019 - 09:23
of course not. circle provides news which are good for them only
21 Jan, 2019 - 07:08
Circle is trying to gain confidence however I believe that the audit was rigged. USDC is a fake what controlled 3thd persons.
22 Jan, 2019 - 09:11
You`re right! Only having a complete list of documents and checking at least two independent auditors can provide this USDC audit.
25 Jan, 2019 - 00:11
If you want to promote your product - lie. This is what Circle does when conducting USDC audit.
22 Jan, 2019 - 21:34
another fake news of the fake stablecoin Circle
17 Jan, 2019 - 21:00
nice to know that some coins dont make fake news. for example tusd
21 Jan, 2019 - 06:48
Nothing new dude. It is Circle. Look what is going on with Poloniex! This USDC audit is the same shit hell
31 Jan, 2019 - 09:11
I do not think that circle actually had a decent audit performed by Grant Thornton LLP. It appears as if they have some connection with goldman sachs. Very shady.
17 Jan, 2019 - 21:34
ealy shady story. circle always provides with fake news
25 Jan, 2019 - 21:33
Ya, like anyone is going to believe this. I would love to see usdc investigated.
17 Jan, 2019 - 22:53
No one believes it. the team scams us and we should know it all
23 Jan, 2019 - 06:40
not sure we should rely on such news.
18 Jan, 2019 - 12:07
do you really think we will believe this fake audit?)
20 Jan, 2019 - 04:18
I am sure this report is a fake. Usdc hasn’t own funds
21 Jan, 2019 - 21:37
it looks like Circle bought the news about that proofs. considering the negative reputation of usdc i can't trust such information
21 Jan, 2019 - 22:18
I heard this information too/ Maybe Circle paid for this news!
21 Jan, 2019 - 23:13
This looks so. circle tries to get attention
09 Feb, 2019 - 03:10
Circle could easily buy the results of the examination to get more money of investors. In order to get a lot of money, they are able to go for anything.
22 Jan, 2019 - 19:40
hope nobody will not believe this shit about usdc.
22 Jan, 2019 - 20:13
USDC is weak coin and there are a few people who want to buy it, it is quite possible that USDC wanted to draw attention to itself…
22 Jan, 2019 - 20:41
feeble 'stablecoin' told about funds, really? i don't think it's true
no real information and docs
seems usdc is scam
22 Jan, 2019 - 20:45
For a true audit you need to attract 2 or 3 auditor companies. The results of 1 auditor are easy to compromise. I do not believe that the USDC report is true
22 Jan, 2019 - 21:03
my choose only usdt and gusd rarely. others trust the rest to much less
22 Jan, 2019 - 22:37
Of course their thornton buddies would make a nice sweet "audit" for circle. Because they are buddies. That's what buddies do for each other.
23 Jan, 2019 - 08:59
how much circle payed for such news because i don't trust it could provide the reliable report )))
23 Jan, 2019 - 22:33
Audit my a** grand thornton. Circle is not checked.
24 Jan, 2019 - 09:57
As if we have reason to trust the circle
thats when they pass the audit through other companies we can talk about the successful completion of the audit
24 Jan, 2019 - 12:47
i know that circle was created by coinbase which is a fraud exchange known as the insider trader and platform stealing the money of its users
to invest in circle after that is a very-very bad idea
24 Jan, 2019 - 22:09
every self-respecting platform knows what documents are necessary for the respective action
Circle is not self-respecting but it didn't provide such info
so how should we trust it? i'll pass, thanks
24 Jan, 2019 - 22:45
USDC audit- FAKE !
25 Jan, 2019 - 20:36
what about to provide some proofs of usdc audit? smells lie
25 Jan, 2019 - 21:49
If Circle pays - Circle got a profit. So this USDC audit was paid because the community didn't get the documents and facts proving its truth.
26 Jan, 2019 - 00:00
I`m watching how Circle trying to push USDC. But USDC audit is not fair. It was made between 2 participants without any independent source. So how community can trust you? It is a fraud i think
26 Jan, 2019 - 08:32
Where are the facts? Circle is trying to push USDC up but no one still trusts it.
27 Jan, 2019 - 10:09
So what? Where are the facts or published documents? Just a fake USDC audit and nothing more.
31 Jan, 2019 - 09:44
Is better to help Poloniex to get out of the abyss and solve a lot of its problems than trying to push USDC through a fake audit.
03 Feb, 2019 - 20:39
Why do we need all these audits of shitcoins if there is already a proven coin? Tether is the best and no need to look for something else.
04 Feb, 2019 - 17:16
these kinda proofs of usdc audit are comical
07 Feb, 2019 - 16:37
such kind of audits that usdc recently made is called fake and unreliable. it is obvious that they have a lot of issues and this is not stable asset to invest in
09 Feb, 2019 - 11:49
i am not sure if this audit made by usdc was 100% fair and no manipulation from circle has been made on auditor
12 Feb, 2019 - 15:11
I curse myself for believing Coinbase lie. I’m not going to repeat this mistake with USDC!
03 Apr, 2019 - 17:19
I don’t like centralized tokens, I think they are enemies to crypto, this USDC is the shadiest from them.
07 Apr, 2019 - 14:42

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