{"id":9857,"date":"2021-07-20T21:54:14","date_gmt":"2021-07-20T21:54:14","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/circle-publishes-usdc-attestation-reserve-report-reveals-segregated-accounts-in-usd-denominated-assets\/"},"modified":"2021-07-20T21:54:14","modified_gmt":"2021-07-20T21:54:14","slug":"circle-publishes-usdc-attestation-reserve-report-reveals-segregated-accounts-in-usd-denominated-assets","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/circle-publishes-usdc-attestation-reserve-report-reveals-segregated-accounts-in-usd-denominated-assets\/","title":{"rendered":"Circle Publishes USDC Attestation, Reserve Report Reveals Segregated Accounts in USD-Denominated Assets"},"content":{"rendered":"

On July 20, the CEO of Circle Internet Financial LLC., Jeremy Allaire, published a blog post that explains the firm\u2019s dollar-pegged stablecoin is backed by \u201cprioritized trust, transparency, and accountability.\u201d Allaire\u2019s blog post follows a letter from the Centre Consortium\u2019s accountant, Grant Thornton explaining that the stablecoin\u2019s reserve account information matches the accompanying reserve account report, which is \u201ccorrectly stated.\u201d<\/strong><\/p>\n

Circle Publishes Stablecoin Reserve Transparency Blog Post, Letter from Grant Thornton, and the Latest Reserve Attestation<\/h2>\n

At the end of May, the cryptocurrency community started discussing<\/a> the stablecoin usd coin (USDC) as the project\u2019s reserve backing attestations were running late. At the time, USDC\u2019s token issuance was swelling rapidly and at the end of the month, the Centre Consortium partner Coinbase revealed<\/a> interest-bearing USDC accounts with 4% APY.<\/p>\n

A few days later, Circle disclosed that the project expanded<\/a> to the Tron network, and plans to reside on ten different blockchains. At the time of writing, USDC is the second-largest stablecoin under tether (USDT<\/a>), as the market valuation commands $26.72 billion<\/a> in value on Tuesday. At press time, 30-day statistics show USDC in circulation on July 20, 2021, is 10% higher than the latest attestation, as the reserve report only covers USDC accounting until the end of May.<\/p>\n

In the blog post<\/a> published on Tuesday, Allaire says that Circle and the Centre Consortium have ensured the \u201cpillars of trust\u201d so the public understands that USDC remains backed on a 1:1 basis with dollar-denominated assets. Allaire\u2019s blog post stresses that the \u201cpillars of trust\u201d include:<\/p>\n

Ensuring the highest levels of regulatory and prudential standards governing the USDC ecosystem.
\nProviding assurances demonstrated by reserve attestations issued by Grant Thornton, one of the world\u2019s leading accounting firms, that dollar-denominated assets can meet circulation for USDC outstanding. Today marks the 33rd such reserve attestation since the first USDC entered circulation, showing our unwavering commitment to fundamental trust in the USDC ecosystem.
\nCore economic activities underpinning USDC are built inside the perimeter of the U.S. financial system, and not outside of it. Building an open medium of exchange on the internet that imports the fundamental trust of the U.S. dollar and the fundamental oversight and first principles of the U.S. financial system. For this, our commitment to openness, competition, and responsible financial services innovation remain a cornerstone for both the Centre Consortium and Circle.<\/p>\n

USDC reserve segregated accounts in USD-denominated assets as of May 28, 2021.<\/p>\n

Circle\u2019s attestation and the letter<\/a> from Grant Thornton gives the public a perspective on how the USDC backing is actually calculated. While a majority of USDC backing<\/a> is made up of cash, USDC backing also includes fractions of corporate bonds, U.S. Treasuries, and Yankee Certificates.<\/p>\n

Globally, Grant Thornton is the seventh-largest by revenue operating as an independent accounting firm. The London company\u2019s letter concerning USDC reserves notes that as of May 28, 2021, there was approximately 22,176,182,251 USDC in circulation. Grant Thornton\u2019s letter states:<\/p>\n

The total fair value of U.S. dollar denominated assets held in segregated accounts are at least equal to the USDC in circulation at the report date.<\/p>\n

<\/p>\n

Jeremy Allaire Says Circle Embraces \u2018Greater Transparency, Accountability and Disclosure\u2019<\/h2>\n

Allaire also details in his blog post that the latest attestation keeps records of a breakdown of dollar-denominated assets. \u201cWith this latest reserve attestation, we are now including a breakdown of dollar-denominated reserve assets, which are all held in the care, custody and control of U.S. regulated financial institutions and in line with laws and guidelines from our U.S. state money transmission regulators,\u201d the Circle CEO noted.<\/p>\n

\u201cAs we continue our journey to becoming a public company,\u201d Allaire\u2019s blog post concludes. \u201cWe will have increasing opportunities for greater transparency, accountability and disclosure around our broader business and operations. Altogether, this expanding public accountability can help to strengthen trust in Circle, USDC and companies building on the standards and market infrastructure that we have been delivering over the past several years.\u201d<\/p>\n

What do you think about Circle\u2019s blog post, the letter from Grant Thornton, and the stablecoin\u2019s latest reserve attestation? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nNews, accountant, Attestation, attestations, Bitcoin, centre, Centre Consortium, cirrcle, Coinbase, Cryptocurrency, cryptocurrency market, Grant Thornton, Jeremy Allaire, segregated accounts, Stablecoin, Stablecoins, Tether, USDC, USDC reserves<\/p>\n","protected":false},"excerpt":{"rendered":"

On July 20, the CEO of Circle Internet Financial LLC., Jeremy Allaire, published a blog post that explains the firm\u2019s dollar-pegged stablecoin is backed by \u201cprioritized trust, transparency, and accountability.\u201d Allaire\u2019s blog post follows a letter from the Centre Consortium\u2019s accountant, Grant Thornton explaining that the stablecoin\u2019s reserve account information matches the accompanying reserve account…<\/p>\n","protected":false},"author":0,"featured_media":9858,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9857"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9857"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9857\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9858"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9857"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9857"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9857"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}