On July 20, the CEO of Circle Internet Financial LLC., Jeremy Allaire, published a blog post that explains the firm’s dollar-pegged stablecoin is backed by “prioritized trust, transparency, and accountability.” Allaire’s blog post follows a letter from the Centre Consortium’s accountant, Grant Thornton explaining that the stablecoin’s reserve account information matches the accompanying reserve account report, which is “correctly stated.”
Circle Publishes Stablecoin Reserve Transparency Blog Post, Letter from Grant Thornton, and the Latest Reserve Attestation
At the end of May, the cryptocurrency community started discussing the stablecoin usd coin (USDC) as the project’s reserve backing attestations were running late. At the time, USDC’s token issuance was swelling rapidly and at the end of the month, the Centre Consortium partner Coinbase revealed interest-bearing USDC accounts with 4% APY.
A few days later, Circle disclosed that the project expanded to the Tron network, and plans to reside on ten different blockchains. At the time of writing, USDC is the second-largest