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USDC isn't audited, but it is attested, which means what most laymen think of auditing as meaning - a major auditing firm has confirmed they hold the backing do
by shawabawa3 5y ago
USDC isn't audited, but it is attested, which means what most laymen think of auditing as meaning - a major auditing firm has confirmed they hold the backing dollars
- WalterSear 5y agoThis entirely false. An attestation is an assurance that published valuations add up correctly. It provides no verification of the veracity of those valuations. Attestations are intended to be used as a follow-up to an actual audit, not as a replacement for one. > One of the things to keep in mind to differentiate each of these services is that audits are performed to discover data, risks, or compliance issues that may not have been known before the audit took place, and attestation is to evaluate and review how true the data or information is when compared to a stated purpose, internal control or system. https://www.ispartnersllc.com/blog/defining-attestation-assurance-auditing/ https://www.ispartnersllc.com/blog/defining-attestation-assu...