Circle 100% Backing USDC with Fiat
Another verification of the custodial accounts of the company Circle has confirmed the backing of USD Coin by fiat reserves of the company.
The large independent accounting firm from Chicago, Grant Thornton LLP, which had confirmed the backing of the stablecoin, run the audit.
It is reported that the company has issued 293 184 174 tokens and the custodial accounts contained $293 351 374 as of April 30. Thus, the number of tokens does not exceed the volume of fiat assets on the accounts of the company.
We recall that the stablecoin was presented in May 2018 and entered the market in September. As for now, according to CoinMarketCap, the capitalization of the stablecoin is estimated at $357 million.
There was information that USDT is provided only for 74% by Tether reserves.