Yesterday, Centre Consortium member Circle reaffirmed its commitment to transparency and to building economic infrastructure that supports the USD Coin (USDC) ecosystem in a secure and sustainable way. The May attestation performed by top accounting firm Grant Thornton has provided further clarity, confirming that all USDC is backed by a minimum of 1:1 dollar-denominated assets and outlining a breakdown of those reserves. Centre has worked to develop a reserve management standard that places a premium on financial soundness and security. Circle’s commitment to transparency meets that standard.
As Circle begins the process of becoming a public company, this is a demonstrable step in its continued dedication to accountability and transparency. That dedication is shared and supported by Centre, and our commitment to setting the global standards for fiat backed currencies in a way that provides financial and operational clarity to all parties. As the industry continues to innovate and grow, we are pleased to work with a number of partners, including consortium co founders Circle and Coinbase, to create solutions that best serve the global community.
At Centre, we continue to work towards the goal of supporting an open and trusted financial system by enforcing and strengthening our standards and policies that provide the framework for USDC and future Centre standard stablecoin governance. While interest in cryptocurrency, stablecoins, and USDC has seen unprecedented growth, our primary responsibility remains to provide a layer of trust for all transactions. Our guiding principles of transparency, accountability, and trust allow users to make every transaction with confidence. The network of USDC and future Centre standard stablecoins is only expanding, from payments, to defi, to institutional adoption. Centre is working to ensure that this marketplace is accessible to everyone in an open, accountable manner.