Attestation
An independent third-party examination that verifies USDC reserves meet or exceed the amount of USDC in circulation.
Attestation reports are how USDC proves it's fully backed. Every month, Deloitte & Touche LLP examines the reserve assets and compares them to the total USDC in circulation. They publish a report confirming whether reserves are sufficient.
This is different from a full audit. An audit examines an organization's complete financial statements and internal controls. An attestation is a narrower examination focused on a specific claim (in this case, "reserves >= circulation"). It's still conducted under strict professional standards (AICPA attestation standards).
The reports detail exactly what's in the reserves: U.S. Treasury securities, repos, and cash at banks, down to individual CUSIP numbers for each Treasury holding.
Related Terms
Reserves
The pool of real-world assets (U.S. Treasuries, cash) held to back each USDC token at a 1:1 ratio.
USDC (USD Coin)
A regulated, fully-backed stablecoin pegged to the U.S. dollar. Each USDC is redeemable for $1.
Peg
The target price a stablecoin is designed to maintain, typically $1.00 for dollar-pegged stablecoins.
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This definition is provided for educational purposes. USDC.org is an independent resource and is not affiliated with Circle Internet Financial.