Third Audit Attestation Of USDC Stablecoin Reserves Released By Circle

Circle-the crypto finance company released the third official verification of the USDC stabelcoin dollar reserves according to the official statement making its way into our blockchain news today.

By reading the report carefully, you can notice that as of December 31, 2018, at exactly 11:59, 251,211,149 USDC tokens were issued. The company has about $251,211,210 in their custody accounts and plus $61 surplus in dollar reserves. Circle issued a statement:

 “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 accounts.”

USDC is a stablecoin that is based on the Ethereum (ETH) ERC20 token which was first announced in May 2018 after Circle successfully raised $110 million from investors. The CEO of Circe Jeremy Allaire explained more about USDC by saying:

 “It’s a version of fiat that can move at the speed of the Internet with global reach, with much less cost, with high levels of security. It’s a huge improvement for how fiat money transmission can work around the world for consumers and for businesses who might want to collect digital payment with tokens.
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Circle’s third audit attestation on the stablecoin, shows that the company has a surplus of US dollar reserves that are able to back the circulating coins. The first one was published in November 2018.

Also, back in December, the USDC stablecoin was added to one of the largest crypto exchanges in the world-Binance after getting listed on Huobi and OKEx both in October.