JAKARTA - USDC stablecoin publisher Circle recently published a report regarding USDC's economic conditions. The report emphasizes the importance of dollars-upgraded cryptocurrencies. Circle is also working to ease public concerns about the company's reserve funds by prioritizing transparency.
They claim the transparency is part of Circle's commitment to publicly disclose its report. This is intended to minimize risks and maintain liquidity in USDC stablecoins.
"Our history in becoming a pioneer of transparency underscores our commitment to providing USDC holders and the general public with open and timely reporting on how we minimize risk and maintain liquidity in USDC reserves," Circle said in the report, released Tuesday, January 17.
To increase this transparency, Circle stated that they would cooperate with Deloitte, Coinbase's preferred accounting firm, to conduct an audit of their reserve evidence. This is important considering that previously, Binance's representatives stated that they had the impression that the accounting firm "Big Four" was not interested in conducting proof-of-reserves audits for private crypto companies.
As a company currently private, Circle has planned to enter the public market in collaboration with Concord. However, the plan was canceled last month following the failure of FTX. However, Circle stated that becoming a public company is still part of their core strategy to increase trust and transparency.
According to a statement from Circle CEO Jeremy Allaire, they are disappointed with the failed proposed transaction, but becoming a public company remains part of Circle's core strategy to increase trust and transparency that is increasingly important.
Launching Blockworks, this shows how important transparency is in the crypto industry and how serious Circle is in maintaining the trust of USDC holders and the public in general.
Circle has been in partnership with company Grant way to conduct audits for several years. However, now Circle is making changes in this regard as several accounting firms have been careful in conducting audits for crypto companies.
Several accounting companies such as Mazars Group and Armanino reportedly stopped cooperating with their crypto clients last month. This is due to concerns about how this report is understood by the public.
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