USD Coin — an ECR20 token first announced this May and released in September — is one of a swathe of new stablecoins notionally collateralized 1:1 by a major fiat currency.
The audit has been completed by major Chicago-based accounting firm Grant Thornton LLP, and is Circle’s second consecutive attestation report on the state of its USD reserves since the stablecoin’s launch. The first audit was published Nov. 20 and provided information through Oct. 30.
The new audit covers the period up until Nov. 30, and states that Circle has 177,190,279 issued and outstanding USDC tokens, while the firm holds $180,192,792 in its custody accounts. This thus confirms that issued tokens do not exceed the company’s fiat reserves.