$USDC *USDC: Transparency and Backing 💸*

USDC's backing has evolved over time. Initially, Circle claimed each USDC was backed 1:1 by US dollars or approved investments. In 2021, the wording changed to "backed by fully reserved assets." Grant Thornton provides regular attestations (not audits) of USDC reserves. As of 2024, USDC manages $41 billion in assets. While transparency has improved, some details remain undisclosed. Investors rely on monthly attestations and the reputation of Circle and the Centre Consortium. With significant assets under management, USDC remains a prominent stablecoin, but its backing and transparency continue to be closely watched.