Goldman Sachs-funded startup Circle has recently published a third-party audit report of its dollar-pegged stable coin USDC. Chicago-based firm Grant Thornton LLP, one of the largest accounting firms in the United States, was involved in the process.
The report, which details USDC reserves until November 30, 2018, is the second consecutive report published by the firm. This move was taken amid the interest of major exchanges in listing the coin.
The report clarifies that as of November 30, only 177,190,279 coins were issued or outstanding with the firm, while Circle holds $180,192,792 in its custody accounts. The figure for the total USDC supply went to 215,193,466 at the time of publishing this article, as seen on CoinMarketCap.com
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This adds a lot of legitimacy to the coin, especially after the controversy of the market-leading stable coin USDT.
After its launch in October this year, USDC gained massive popularity mainly because of the reputation of the issuing firm and its promoters. Although the coin holds a mere around 0.16 percent of the market’s daily volume, compared to Tether’s 26 percent, USDC is now trading on more than 50 exchanges, including market leaders like Binance, Bitfinex, and Coinbase. Moreover, Coinbase, one of the promoters of USDC, took the listing a step further and launched a 12-day campaign to promote its stable coin offering by publishing new features and services every day.
Circle’s stable coin follows Ethereum’s ERC-20 protocol, which means traders can store the coin on any Ethereum-compatible wallet platform.
Although the crypto trading market has been facing a set back in recent months, far-sighted crypto startups are going bullish on dollar-pegged stable coins. In October, along with USDC, Winklevoss twins-backed crypto trading platform Gemini also launched a stable coin called Gemini Dollar.