Unless it’s verified by an independent audit that Circle still refuses to do, it’s not really meaningful.
And no, attestations are very different to proper audits.
Their ‘fake’ audits are just an SEC profit and loss statement submission using the "equity" method of accounting, and only accounts for hundreds of millions, certainly not the tens of billions that USDC’s market cap is.
As this filing uses the "equity" method of accounting, it is meant for joint ventures, and presumes the other partner (CoinBase) will complete the auditing report in full (i.e. for parent and subsidiary companies). This never happened. There was no full audit. Yet despite of this, CoinBase and Circle have kept their supposed credibility.
GUSD is far more safe than USDC given they do independent accountant audits every month.
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