Today, Circle released the second attestation report on US dollar reserves backing USDC issued by independent accounting firm, Grant Thornton LLP. The report states that as of November 30, 2018 at 11:59 PM UTC:
- USD Coin (“USDC”) tokens issued and outstanding = 177,190,279 USDC
- US Dollars held in custody accounts = $180,192,792
- The issued and outstanding USDC tokens do not exceed the balance of the US Dollars 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.
You can read the full report here. Grant Thornton LLP will provide USDC attestation reports on Circle’s USDC reserves on a monthly basis.