According to the report, Goldman Sachs launched startup Circle, released the results of the audits conducted by a third party, which confirm that the company has sufficient reserves in US dollars to fully redeem their stabilini. This statement occurs in the context of recent accusations that Tether recognized that stable tokens are not supported on USDT 100% of the dollar equivalent.
The audit was conducted by accounting firm Grant Thornton LLP, based in Chicago. Circle has published a report trying to prove 100% transparency of their reserves.
How the results of the audit will affect the success token Circle
According to the audit results, as of April 30, 2019 at 23:59 Pacific time Circle had a reserve of $293 351 374 to support cryptocurrency USDC and released during this period, only 293 184 174 token. This news clearly indicates that the issue of tokens does not exceed the reserves that the company owns.
This is undoubtedly encouraging news for investors, as many have become somewhat wary of USDT after recent problems with Tether and Bitfinex, which are reported by the media. Many believe that full transparency is a positive factor to ensure stable tokens were accepted as a replacement for Fiat currency.
It is expected that the Circle will continue to have open audits and make them available to the crypto community, so that investors could have confidence that every released USDC provided actual confirmation. How this will help the successful promotion of token we have yet to see.
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Tags: Circle USDC