Circle's dollar-pegged stablecoin USDC is said to be fully backed by the fiat US dollar.
Circle company was audited by the American division of Grant Thornton International, Grant Thornton. According to the results of the financial inspection, Circle was confirmed to have $127 412 240.89 as of October 2018, which is enough to cover all USDC tokens (127 408 827).
Grant Thornton stated that the audit procedure was performed in line with the standards set by the American Institute of Certified Public Accountants. This was a just partial audit, but anyway it indicated that Circle CFO was right saying that they had enough funds to back all tokens of stablecoins issued in tandem with Coinbase as CENTRE members.
“In making an assessment of the risks of material misstatement, we considered and obtained an understanding of internal control relevant to the preparation of, and the Reserve Account Information in, the accompanying Reserve Account Report in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of such internal control,” according to the report.
Notably, Gemini and Paxos also unveiled audit reports earlier.
Grant Thornton LLP is the American branch of Grant Thornton Internationa, which provides auditing, tax and consulting services to private and public companies worldwide.