The USDC Attestation is a critical part of the USDC system as it allows other projects to trust that USDC is backed by a real asset. The Network of trust is of vital importance to self-sovereign identity and digital assets. In this post we analyse the current issues with USDC Attestations and the next steps in the process.
It has been over a week and a half since the USDC issued their 2018 crypto-anarchist manifesto and they still have yet to publish the 2018 USDC attestation report. The delay has raised concerns among the cryptocurrency community, including many USDC investors, who say that the USDC is being slow to react in light of the recent industry-wide security breach that exposed over 2 million USDC.
When the USDC was first announced, many in the cryptocurrency community were skeptical about the project. The stablecoin is run by Circle, a mainstream payments company that is known for its willingness to comply with global regulations. In addition, the last time stablecoins were in the spotlight, the peg between the USD and USD-backed coins began to slip. While the latest generation of stablecoin projects like USDC and Gemini Dollar are trying to solve this issue with more technical rigor, many developers and crypto enthusiasts are wary of the potential impact on the coin’s value if a flaw were to be found.
USDC, the second most popular cryptocurrency, has been slow to release its credentials – documents that confirm how many dollars the custodian holds with banks. The currency’s last available certification dates back to February, when it had a market value of $9 billion. Along with the sudden growth that cryptocurrencies have experienced in recent months, this has raised concerns about the delay of these documents.
Late submission of certification reports by the LRC
USDC, one of the largest base currencies in the current cryptocurrency market, is behind in publishing its credentials, according to its own transparency website. The certificates that were to be issued monthly were discontinued and the last certificate, for the February funds, was issued on the 27th. April, representing a significant delay from the normal issue date. None of those familiar with the operation of the USDC at the national level disclosed the reason for the delay. The audit of the USDC is being conducted by Grant Thornton LLP, a leading independent accounting, tax and consulting firm with the resources to manage the complex operations of the USDC. To make matters worse, crypto assets have experienced explosive growth since February. Its market value has grown from $9 billion on Feb. 28 to $20 billion at the time of writing, more than doubling the issue in just a few months, according to Coingecko data. The USDC is one of the most reliable stable currencies on the market. It is published by Centre, a joint project of Coinbase and Circle, two major players in the US exchange industry. This pedigree has given him the aura of a safe and stable piece on the market. Jeremy Allaire, CEO of Circle, has repeatedly tweeted about USDC’s growth. The Circle blog also discusses Stablecoin’s market capitalization on the 11th. In May, it was more than $15 billion. But these delays are alarming to some in the cryptocurrency community, who fear that the problem has to do with the actual creditworthiness of the issuer. An article published on Zerohedge and written by Vince Lanci shows how problems can undermine trust in one of the pillars of cryptocurrency trading – stablecoins.
Other Stabelcoins have also raised similar concerns in the market: This includes USDT, the largest stablecoin on the market, issued by Tether Limited. USDT, which has the largest market capitalization of all, had not released any documents for several years until last February, when it released a certificate prepared by Moore Cayman, an independent firm, confirming that its issue at that time was backed by $35 billion. Tether also faced a lawsuit from the New York Attorney General, who settled the case with an $18.5 million fine and was banned from doing business in the city after nearly two years of litigation. What do you think about the delays in issuing certificates by the USDC? Tell us what you think in the comments section below. Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Most of the crypto community is aware of what a USDC attestation is. It’s a process where a member of a USDC base fork, such as the Poloniex-USDC fork, would provide information about themselves to a USDC attestor. That attestation would then be used by USDC exchanges to prove the legitimacy of that member’s ownership of the USDC token. However, the attestation process hasn’t been running smoothly. In fact, daily updates on the progress of the attestation process haven’t been available. This lack of information has caused alarm in the crypto community, because it gives the impression that the USDC is not being properly managed.. Read more about usdc vs usdt and let us know what you think.
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