Independent accounting firm Grant Thornton LLP issues second attestation report on US Dollar reserves backing USD Coin (USDC) in circulation. https://t.co/NaOMVy8e0m
— Circle (@circlepay) December 18, 2018
According to the recently published report, the issued and outstanding USDC tokens do not exceed the balance of USD held in custody accounts.
As of November 30, there were 177,190,279 USDC issued and outstanding and $180,192,792 held in custody accounts.
“Separately, while there won’t ever be more coins in circulation than dollars in reserve, reserve dollars may exceed coins in circulation due to timing. For a particular transaction, while dollars are deposited in advance, coins may be minted after the cutoff for a report,” Circle states.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.