USDC Marks a Year of Transparency

Joao Reginatto October 16, 2019

Today, Circle released the 12th consecutive report proving that every outstanding USD Coin (USDC) is backed by a US dollar.

This report—and every other report—is publicly available here (and the latest one shows that, as of September 30th, there were 429,470,737 USDC outstanding and $429,965,320 held in custody accounts).

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When USDC launched, we said: “As with other technology components, the stablecoin of choice has to be open, interoperable, safe, transparent, and trustworthy.”

Transparency and trustworthiness are essential to the growth of USDC. These attributes are in the DNA of the crypto and blockchain technologies on which USDC was built. We have a responsibility to be transparent about the risks that we manage every day. What's more, customers demand that we take every effort to mitigate risk. Grant Thornton helps us to be transparent with the results of those efforts.

That’s why we’ve enlisted one of the top accounting firms in the world, Grant Thornton LLP, to examine the reserves backing USDC.

"Since November 2018, Grant Thornton LLP has performed a monthly attestation on management’s assertion that the number of USDC tokens issued and outstanding and the US Dollars held in custody accounts are correctly stated, and as of the report date and time, the issued and outstanding USDC tokens do not exceed the balance of the US Dollars held in custody assets," Grant Thornton said in a statement.

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USDC has come a long way but this is just the beginning and we’re thankful for everyone who has shared in our success—ecosystem supporters, customers, and the crack accounting team at Grant Thornton. We’re only at the beginning of what’s possible with USDC and hope to share new developments with you soon.

We remain committed to being transparent. If you have any recommendations for how we can improve, please join our growing Discord channel.

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