Firm That Monitors Coinbase’s Stablecoin Audited Over $10 Billion in Client Assets

 

The international auditing firm that attests to Coinbase’s USDC stablecoin announced it has audited more than $10 billion worth of client assets in the first quarter of 2019, according to a statement.
The accounting firm Grant Thornton serves between 15 and 20 clients that are highly leveraged in crypto assets, including prominent crypto-denominated exchanges. The audits establish that a client’s holdings or investments exist and are fairly stated in the quantities claimed.
While discrepancies have been found between the blockchains and balance sheets, the firm was not at liberty to disclose such cases.
“We are constantly finding more coins than we’ve been told are out there,” said Johnny Lee, national practice leader for Forensic Technology Services, focusing in on “privacy coins that don’t really have an audit trail.”

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