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Goldman Sachs-backed Circle has published a third-party audit of its USD-pegged stablecoin USD Coin (USDC) for the second time, according to a company blog post Dec. 18.
USD Coin – an ECR20 tokens first announced this May and released in September – 1 year by a swathe of new stablecoins notionally collateralized 1: 1 by a major fiat currency.
Chicago-based accounting firm Grant Thornton LLP, and is Circle's second consecutive statement on the state of its USD reserves since the stablecoin's launch. Nov. 20 and provided information through Oct. 30.
The new audit covers the period up until Nov. 30, and states that the Circle has 177.190,279 issued and outstanding USDC tokens, while the firm holds $ 180,192,792 in its custody accounts. This therefore confirms that issued tokens do not exceed the company's fiat reserves.
As of press time, USDC has a total market cap of $ 225.9 million and is ranked 27th largest cryptocurrency on CoinMarketCap.
As reported in October, major United States-based cryptocurrency exchange Coinbase made USDC the first stablecoin available for trading on its platform, with other leading exchanges such as Binance, OKEx, Bitfinex and Huobi soon following suit.
Multiple major exchanges listed USDC alongside three other fresh USD-backed stablecoin competitors – Paxos Standard (PAX), TrueUSD (TUSD) and Gemini Dollar (GUSD).
The flush of the USD-pegged stablecoins entering a space that was formerly dominated by the stalwart coin Tether (USDT) has recently led the major crypto exchange Binance to refashion its Tether Market to a Combined Stablecoin Market (USDⓈ).
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