A statement was made by the international auditing firm that attests to Circle’s issuance of USDC stablecoins, in which it announced that it has audited more than $10 billion worth of client assets in the first quarter of 2019. $10 Billion in Client assets Audited by Firm which monitors USDC Stablecoin.

Grant Thornton is an accounting firm that serves between 15 and 20 clients who are highly leveraged in crypto assets. The attestations establish that a client’s holdings or investments exist and are fairly stated in the quantities claimed. According to Markus Veith, a partner at the firm, the clientele include prominent crypto-denominated exchanges. 

Veith was not at liberty to disclose cases where discrepancies were found between the blockchains and balance sheets. 

The national practice leader for Forensic Technology Services, focusing in on “privacy coins that don’t really have an audit trail”, Johnny Lee, said:

 “We are constantly finding more coins than we’ve been told are out there,” 

As per Grant Thornton, inluded in the 40 cryptocurrencies the firm scrutinized are:

  • Bitcoin
  • Ethereum
  • XRP
  • EOS
  • Zcash
  • Monero
  • USDC 
  • A number of ERC-20 tokens

A variety of methodologies are used by the company. Each method is designed specifically for the architecture of each disparate blockchain. According to Veith, at a great, albeit undisclosed, expense, sometimes reconstructed blockchains, a hybrid cloud, and “forensic nodes” are spun up to reconcile a claimed asset with its supposed time-stamp, or equivalent metric of proof.

Apparently every blockchain has its own quirks, or unexpected issues. He said that the private, permissioned Ripple “is quite a monster to set up.”

It would be prohibitive by price and time to perform 100 percent audits of a client’s portfolio. Which is why Grant Thornton does not do it. However, the sample selections the firm tests sometimes run back to a blockchain’s genesis block.

The firm stated out four years ago with one institutional client that only held bitcoin. Veith said the company took a “measured risk” to innovate and take on more digital assets. Since the market bottomed out in 2018, the firm’s clients have diversified their portfolios. To a large extent, the firm learns as it goes.

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