CENTRE members who implement the fiat stablecoin framework and become token issuers have requirements along several vectors: that they hold all necessary licenses to issue fiat electronic money, that they are in compliance with applicable laws, and they must provide publicly available financials, verified by a qualified third party, that include a full accounting of all balances held in reserves against the issued fiat tokens.
When you wire fiat funds into our system, we deposit those funds with one of our banking partners. In the future, Circle may also invest these fiat funds in highly-liquid, AAA-rated fixed income securities.
We have engaged Grant Thornton LLP to examine, on a monthly basis, certain management assertions related to the Total USDC in circulation. You can find those USDC-related attestation reports on centre.io/usdc-transparency.