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> At the most basic level, some entity is making statements about their financials (like “we have X in reserves”) and nobody can check this. USDC seems to be d
by ikt 5y ago
> At the most basic level, some entity is making statements about their financials (like “we have X in reserves”) and nobody can check this.
USDC seems to be doing it just fine?
https://www.centre.io/usdc-transparency https://www.centre.io/usdc-transparency
> Top five accounting services firm Grant Thornton LLP issues attestations each month on the US dollar reserves that back the USDC tokens in circulation.
- nieve 5y agoAttestations, but I believe no true audits.
- skybrian 5y agoUSDC does seem better, but the last attestation is from April and there are reports that they've been running late a while [1]. That's not as bad as the competition but still seems very bad, given that stability is what they do? Especially since they haven't explained what happened as far as I can tell. On the other hand, it looks like USDC's market cap doubled in less than two months, so I guess that's good for them? [1] https://news.bitcoin.com/usdc-attestations-run-late-raising-alarms-in-the-crypto-community/ https://news.bitcoin.com/usdc-attestations-run-late-raising-...