USDC Attestations Run Late, Elevating Alarms within the Crypto Group – Information Bitcoin Information
USDC, the second most popular stablecoin in the cryptocurrency market, is late in releasing its certifications. These are documents that confirm the number of dollars the custodian center holds in banks. The last attestation available for the currency dates back to February when the currency had a market capitalization of $ 9 billion. This fact and the sudden growth of cryptocurrency over the past few months are raising alarms about the delay in these documents.
The centre’s USDC is running late in its attestation reports
One of the biggest stable coins in the crypto market today, USDC is late in creating its attestation documents, according to its own transparency website. The monthly certificates have been discontinued, with the last certificate relating to the February funds released on April 27, a significant delay from the normal date of issue.
It has not been publicly disclosed why the delay occurs with people who know how USDC works internally. USDC’s attestations are issued by Grant Thornton LLP, a leading independent accounting, tax and advisory firm that has the manpower to manage the complexities of USDC as a business.
To make matters worse, the crypto asset has seen explosive growth since February. Market capitalization has jumped from USDC 9 billion on Feb.28 to USDC 20 billion at the time of writing, and has more than doubled issuance in just a few months, according to Coingecko.
One of the most trusted stablecoins on the market, USDC is issued by Center, a joint initiative of Coinbase and Circle, two big names in the US exchange business. This pedigree gave it the aura of being the safe stablecoin of the market. Circle CEO Jeremy Allaire has tweeted about USDC’s growth on a number of occasions. Circle’s blog also discussed stablecoin’s market cap on May 11, when it topped $ 15 billion.
However, these delays are causing alarms in parts of the cryptocurrency community who fear that this problem has to do with the actual solvency of the issuing institution. An article published on Zerohedge and authored by Vince Lanci shows how problems can undermine trust in one of the pillars of cryptocurrency trading: stablecoins.
Other stablecoins have fueled these types of worries in the market as well: this is the case with USDT, the largest stablecoin issued by Tether Limited in the market. USDT, which has the largest market cap of all, had years without documents until the company released a certificate issued by the independent firm Moore Cayman last February confirming that it had $ 35 billion to issue at the time.
Tether also stood on a lawsuit before the New York attorney general, fined the case $ 18.5 million, and was banned from doing business in the city after nearly two years of trial.
What do you think of the USDC’s delays in producing its certifications? Let us know in the comments below.
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