2 ms·
USDC isn't cagey about their assets. They get audited by big-4 financial firms regularly. I don't own a single coin and I know that.
by kareemsabri 4y ago
USDC isn't cagey about their assets. They get audited by big-4 financial firms regularly. I don't own a single coin and I know that.
- acdha 4y agoYeah, they’re better than average for the field but they changed the wording from "backed by US dollars" to "backed by fully reserved assets" last year and those reports are not official audits (a term which has specific requirements with professional repercussion for the auditors) but attestations that they’ve reviewed the companies statements and found them consistent, a lower level of review which notably does not require a CPA to attempt to validate the details - note in particular the claims that they’ve seen things like internal controls but are not rendering profession judgement on the effectiveness of those controls. That’s not as dodgy as e.g. Tether’s claims were but it’s not bank-level and I would weight that into my personal risk assessment, especially given their past history of printing new tokens whenever they get in a jam.