A Look at Circle’s Latest USDC Audit

Circle, the finance whiz behind the USD Coin (USDC), dropped a fresh audit report that’s about as riveting as watching paint dry—if you’re a finance nerd. The independent accounting firm Grant Thornton LLP took a magnifying glass to Circle’s dollar reserves, revealing the pretty impressive tidbit that their reserves comfortably cover the USDC tokens in circulation.

Key Findings from the Audit

As of the witching hour on December 31, 2018 (11:59 p.m. UTC, for those keeping score), the audit disclosed that a grand total of 251,211,148 USDC tokens were issued. And what do you know? Circle held $251,211,209 in their custody accounts! That means they had a snazzy surplus of $61 in USD reserves. Who knew counting money could be so thrilling?

What Does This Mean for Consumers?

So, why does this matter to you? Well, it’s all about confidence. Each USDC token is said to be pegged 1:1 with the U.S. dollar. This audit shows that Circle isn’t just making promises—it’s putting its money where its mouth is. Jeremy Allaire, Circle’s CEO, spicy-tweeted about USDC being a swift way to conduct worldwide transactions without the hefty price tag.

What’s Next for USDC?

With big names like Binance, OKEx, and Huobi launching the stablecoin into their crypto stratosphere, USDC is quickly becoming the cool kid on the block. It’s clear that stablecoins are here to stay, and USDC is aiming to set the pace for innovation and security.

A Brief History of USDC

• May 2018: Circle announced USDC after saddling up with $110 million in investments.
• November 20, 2018: The first audit report dropped, leading the crowd into a frenzy of trust.
• December 2018: The second report came out—and spoiler alert: it also showed surplus reserves.

Investors and crypto enthusiasts can sigh with relief since Circle seems to be keeping their finances tight. Now if they could only get Congress to audit their lives—wouldn’t that be a story?