-backed crypto finance startup Circle has published the latest third-party of its -pegged , USD Coin (). The company reported the update in a blog published on May 17.
USD Coin is an -based compliant with the standard that was first in May last year and in September.
Per this week’s announcement, the audit of the coin’s fiat reserves was conducted by major Chicago-based accounting firm Grant Thornton LLP.
The report by the firm states that as of April 30, 2019 at 11:59 p.m. Pacific Time there were 293,184,174 USDC issued, and that there were $293,351,374 in the firm’s reserves. Lastly, the auditing firm claims that, at the time specified above, the issued and outstanding USDC did not exceed the balance of the U.S. dollars held in custody.
According to CoinMarketCap , USDC’s market cap currently exceeds $359 million and is up over 40% from the value it reported a month ago.
At the end of April, lawyers from the company behind USD stablecoin tether () that the coin only has enough to back three-quarters of its increasing supply.
As Cointelegraph yesterday, social media giant has evidently formed a new financial tech firm, Libra Networks LLC, presumably to work on its .
Earlier this week, Francois Villeroy de Galhau, the governor of the Bank of France,expressed interest in stablecoins, that the bank is “observing [the developments] with great interest.”
Published at Sat, 18 May 2019 18:27:24 +0000
