USDC Stablecoin to Pass the Audit

Grant Thornton LLP reports that as of October 31, $ 127,412,240.89 were in the Circle vaults
22 November 2018   765

USD Coin (USDC) from Bitcoin startup Circle is fully provided with a fiat dollar, reports CoinDesk.

The financial review was conducted by Grant Thornton LLP, a US subsidiary of the international organization Grant Thornton International. The latter provides audit, tax and consulting services to private and public companies in 130 countries.

As of October 31, $ 127,412,240.89 were in the Circle vaults. This exceeds the number of tokens in circulation at that time (127,408,827 USDC). Thus, if necessary, the company was able at the end of last month to simultaneously redeem all the tokens released to the market.

According to Grant Thornton, Circle’s financial audit was conducted in accordance with the certification standards set by the American Institute of Certified Public Accountants (AICPA).

Currently, according to CoinMarketCap, there are 162.9 million USDC tokens in circulation.

Earlier, auditors' reports were published by Gemini and Paxos, which are Circle's competitors in this segment of the cryptocurrency market.

In early November, Tether Ltd confirmed its solvency, which still produces the most popular stablecoin USDT. However, two weeks later, information appeared that the US Department of Justice was investigating possible manipulations by Tether and Bitfinex during the 2017 price rally.

ABN AMRO Bank to Abandon Crypto Custody

According to entity's senior press officer, bank considers crypto as risky asset
20 May 2019   89

Dutch bank ABN AMRO decided to abandon its plans to launch the custodial storage service of cryptocurrencies, The Next Web reported with reference to the statement of the organization’s representative.

In January, the network reported that 500 clients of ABN AMRO gained access to Wallie cryptocurrency wallets on the basis of banking infrastructure on an experimental basis. It was assumed that cryptocurrency assets in customers' wallets would be insured for up to € 6,000. However, the project hasn't reached the stage of real implementation.

We have approached all the people who have shown interest. We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in.

Jarco de Swart

Senior Press Officer, ABN AMRO

Last September, ABN AMRO, among other banks and companies, became a co-founder of a platform for trading commodities on the Ethereum protocol.