Company
Date Published
Author
Jeremy Fox-Geen
Word count
550
Language
English
Hacker News points
None

Summary

Circle Internet Financial emphasizes its commitment to transparency and trust regarding its USDC digital currency by regularly enhancing reporting and disclosure practices. Since the inception of USDC, Circle has aimed to make it the most transparent and trusted dollar digital currency, conducting both annual audits and monthly attestations of the USDC reserve. These audits, conducted annually by a leading global accounting firm, verify the financial accuracy, completeness, and internal controls of Circle's financial statements, and have been publicly filed with the SEC as Circle prepares for a public listing on the New York Stock Exchange. Additionally, Circle provides monthly attestations, offering third-party assurance on the accuracy of the reserve's size and composition relative to the USDC in circulation, a process distinct from audits but providing similar assurance standards. Circle's disclosures surpass current financial regulations and include weekly updates on the reserve's size and composition. The company advocates for greater regulatory requirements for stablecoin issuers to further enhance transparency.