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Circle’s Dollar-Tied Stablecoin Fully Backed, Auditor’s ‘Attestation’ Says

Published 11/21/2018, 11:02 AM
Updated 11/21/2018, 11:15 AM
© Reuters.

Circle Internet Financial had just under $127.5 million backing the dollar-pegged USD Coin at the end of last month, enough to redeem every token at the time, according to a major auditing firm.

Grant Thornton LLP, the U.S. branch of Grant Thornton International, reported in an attestation dated Nov. 16 that Circle had $127,412,240.89 held in custody accounts as of Oct. 31, 2018, slightly exceeding the 127,408,827 USDC tokens in circulation at the time.

As of press time, there were 162,968,332 USDC tokens in circulation, according to CoinMarketCap, with a total supply of 163,204,910.03 according to the token tracker attached to the USDC smart contract.

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