Ever since USDC was first conceived as a trusted dollar digital currency, a commitment to trust and transparency and high standards of regulation were of paramount importance.
One of the first ways of evidencing this commitment was to ensure that reserves backing USDC in circulation were reviewed by independent accounting firms who could provide reasonable assurance on an ongoing basis that assets held in reserves were at all times able to meet or exceed USDC in circulation. 30 attestations to this effect later issued by Grant Thornton, one of the world’s leading accounting firms, our commitment remains unchanged.
Naturally, with the rapid growth of USDC, fueled by demand from market participants for trusted, digitally-native payment instruments across multiple public blockchains, USDC went from just under $4 billion in January, to over $20 billion today. Providing ongoing accounting assurance would have to evolve to keep pace with USDC’s growth and circulation across multiple blockchains, which is a model that promotes competition and adoption, while not sacrificing the thoroughness of these reviews, although our attestations are slightly behind the usual rhythm of one a month at the closing of each month.
In addition to this update on attestations, USDC has become the world’s most trusted and well regulated dollar digital currency in no small measure because of our adherence to strict reserve management and asset allocation policies. These are designed to exceed the demands of USDC in circulation with cash, cash equivalents and short-duration investment-grade assets consistent with our regulatory requirements and supervision under U.S. state banking laws.
As the growth of USDC continues to scale across multiple public blockchain networks and around the world, we will continue to push for the highest standards of market trust and regulation.
The digital assets industry is evolving and so are we.