Circle’s Dollar-Tied Stablecoin Fully Backed, Auditor’s ‘Attestation’ Says
Circle Internet Financial was able to repay all of the tokens at the end of last month, backing the $ 127.5 million dollar, the chief financial officer said.
Grant Thornton LLP, the US subsidiary of Grant Thornton International, announced that Circle was held on October 31, 2018 at an account of $ 127,412,240.89, slightly exceeding the 127,408,827 USDC tokens circulated at the time.
According to CoinMarketCap, at the press conference, 162,968,332 USDC tokens were distributed with a total supply of 163,204,910.03 according to the token tracker attached to the USDC Smart Contract.
Although not a full audit, Circle and Coinbase jointly confirmed the information provided by Circle CFO Naeem Ishaq on funds to back up stablecoin issued through the CENTER Consortium.
In the report, Grant Thornton was conducted in accordance with the certification standards established by the American Institute of Certified Public Accountants. "The nature, timing and extent of the selected procedure depends on our judgment. Risk assessment of material misrepresentations of booking account information due to fraud or error. "
The report explained:
"In assessing the risk of a material misstatement, we have considered an understanding of the reserve report provided with internal controls related to the preparation of a reserve account report in order to establish appropriate procedures for the situation. It is not used for the purpose of expressing. "
Other stablecoin issuers, such as Gemini and Paxos, have also presented evidence from audit firms. These were not entirely audited, but contrasted with the evidence of reserves provided by Tether, the largest publisher in the present space.
The controversial company made a letter from Deltec Bank and Trust Limited proving that it had a "cash value of the portfolio" of $ 1.8 billion earlier this month, but it does not take into consideration whether the funds are held in cash or other assets Whether or not it is unclear.
Dollar image through Shutterstock
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