Attestation
An independent third-party examination that verifies USDC reserves meet or exceed the amount of USDC in circulation.
In short: An attestation is an independent verification by an accounting firm (Deloitte for USDC) confirming that reserves equal or exceed the tokens 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.