吴说作者 | 谈叔
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本期编辑 | Colin Wu
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7月20日，稳定币项目USDC发布了它五月份的资产验证[报告](1)，在该报告中，首次像[Tether](2)一样对于支撑USDC的资产作出了细分。作为一家注册和运营于美国的公司，USDC基本每个月提供一份资产验证报告，相比于不知道在哪里办公且创始人和首席财务官一直保持神秘的Tether来说，USDC被普遍认为更为透明和安全。那么，USDC背后的资产构成与Tether有何异同呢？
On 20 July, USDC, a stable currency project, released its May asset certification [report] (1), in which, for the first time, the assets supporting USDC were broken down like [Tether] (2). As a company registered and operating in the United States, USDC provides a monthly asset certification report, which is generally more transparent and secure than Teth, who does not know where to operate and whose founders and chief financial officers have been mysterious.
1.资产验证（attestation）和审计（audit）的区别
1. Distinction between asset certification and audit (audit)
首先需要说明的是，会计师事务所对于USDC和Tether提供的都是资产验证（attestation）而非审计（audit）的服务。相比正式的审计，资产验证没有那么严格，对于资金的来源不会细究。根据纽约检察院提供的[报告](3)，2017年9月15日，Bitfinex向Tether转了3.82亿美元，在审计公司Friedman LLC完成了资产验证之后，Tether则将资金转回，说明当时Tether并没有足够的储备资金，而不得不挪用Bitfinex的资金。
First of all, it should be noted that USDC and Tether provide both asset certification rather than audit (audit) services. Asset certification is less stringent than formal audits and less detailed as to the source of funds. According to the [report] provided by the New York Public Prosecution Service (3), Bitfinex transferred $382 million to Teth on 15 September 2017, and after the audit firm Friedman LLC completed the asset certification, Tether transferred the funds back, stating that Teth had not had sufficient reserves at the time and had to embezzle Bitfinex's funds.
一般而言，资产验证发生在审计之后，是对于审计结果的验证，对于一家审计历史良好的公司来说，资产验证的速度更快，也足以使公众产生信任。不过但目前提供稳定币的公司都没有提供过审计报告，这可能由稳定币行业本身的快速发展所决定，毕竟审计工作耗时耗力，而加密货币行业每天都处于飞速发展之中。
Generally, asset validation takes place after an audit, and for a company with a good audit history, it is fast enough to generate public confidence. But none of the companies that currently provide stable currency have provided audit reports, which may be determined by the rapid development of the stable currency industry itself, after all, which is time-consuming, while the encrypted currency industry is growing at a very rapid rate every day.
为USDC提供资产验证的公司是会计师事务所GRANT THORNTON LLP，虽然不像“四大”一样位列全球前四，但根据维基百科显示，GRANT THORNTON是全球第六大的会计师事务所；为Tether提供资产验证的公司是开曼群岛的会计师事务所Moore Cayman，母公司为Moore Global，未排进全球前十，因而从会计师事务所方面，USDC相比Tether更为严谨。
The firm providing asset certification for USDC is the accounting firm GRANT THORNTON LLP, which is not the “four” top four in the world, but according to Wikipedia, GRANT THORNTON is the sixth largest accounting firm in the world; and the firm providing asset certification for Tether is the Cayman Islands firm Moore Cayman, the parent company Moore Global, which is not in the top ten global rankings, and therefore USDC is more stringent than Tether in terms of accounting firms.
2.USDC与USDT的资产构成情况比较
2. Comparison of asset composition between USDDC and USDT
在USDC的资产验证报告中，其资产61%为“现金和现金等价物”，在USDT的构成中，这部分则为75.85%。
In the asset certification report for UNDC, 61 per cent of its assets were “cash and cash equivalents”, compared with 75.85 per cent in the composition of USDT.
根据美国一般会计准则，“现金和现金等价物”指的是现金和那些具备类似现金流动性的资产，包括美国国债、银行存款证明、承兑汇票、公司商票和货币基金等。
According to the United States General Accounting Standards, “cash and cash equivalents” refer to cash and assets of a similar cash flow nature, including United States Treasury bonds, bank certificates, currency notes, corporate notes and monetary funds.
对于持有的“现金和现金等价物”，Tether进行了进一步的细分，其中的65.39%为公司商票，只有3.87%为现金。
For the “cash and cash equivalents” held, Tether made a further breakdown, of which 65.39 per cent were company tickets and only 3.87 per cent were cash.
对于USDC持有的“现金和现金等价物”，此次Circle公布的验资报告中并未细分，由此，外界无从得知USDC的储备中究竟有多大比例为现金。而且在它总资产的细分当中，有9%为商业票据，那么它的现金等价物又是什么呢？
With regard to the “cash and cash equivalents” held by the USDC, there is no breakdown in the certification report published by the Circle, so it is not clear to the outside world what proportion of the USDC stock is in cash. And, in the breakdown of its total assets, 9% is in commercial paper, so what is its cash equivalent?
根据报告中的注释，USDC的现金等价物，为美国一般会计准则标准中90天之内到期的资产。而它在“现金和现金等价物”之外，又单独列出了不超过13个月到期的银行存款证明、三年以内到期的国债、91天-13个月之间到期的公司商票等，由此可见USDC对于持有的公司商票进行了区分，90天以内到期的归为现金等价物，90天以外成熟的则单独列出。
According to the note in the report, USDC's cash equivalents are assets falling due within 90 days of the United States General Accounting Standards. In addition to the “cash and cash equivalents”, it separately lists bank certificates that do not exceed 13 months of maturity, national bonds that expire within three years, corporate business tickets that expire between 91 days and 13 months, and so on.
由此可以推测，和tether一样，USDC的资产构成当中有90天以内到期的商业票据，至于具体数量，由于今年USDC发行速度并不亚于USDT，大致可以推测，它采取了与Tether相似的发行策略，因而短期商票可能在它的现金等价物中占据了相当的比例。
It follows that, as in the case of tether, there is a 90-day maturity in the asset composition of the USDC, and as to the exact amount of commercial instruments, it is largely assumed that it has adopted a distribution strategy similar to that of Tether this year, so that short-term commercial tickets may account for a significant proportion of its cash equivalents.
3.USDC将进一步走向透明
3. USDC will move further towards transparency
本月8日，Circle的创始人Jeremy Allaire在推特上[表示](4)，Circle将成为世界上最公开、透明且具有全额储备的稳定币项目。从此次资产验证报告公布的情况来看，USDC资产组成的透明程度目前还不如Tether，不过这肯定只是暂时现象。
On the 8th of this month, Jeremy Allaire, the founder of Circle, [said] on Twitter (4) that Circle would become the world’s most open, transparent and fully reserved currency stabilization project. Given the release of this asset certification report, the USDC asset composition is currently less transparent than Tether, but certainly only temporary.
Circle计划于今年四季度上市，根据监管的要求，它必须向外界披露更为细致的财务情况。虽然通过SPAC上市，Circle可以免去向SEC提供[S-1表](5)的繁琐工作，但在上市之后，它仍然需要定期向公众公布财务报表，届时它的资产构成情况将更加清晰。
Circle is scheduled to be listed in the fourth quarter of this year, and is required to disclose more detailed financial information to the outside world, in accordance with regulatory requirements. Although by listing on the SPAC, the Circle will be exempt from the cumbersome work of providing SEC with [table S-1] (5), it will still be required to publish financial statements to the public on a regular basis after listing, at which time its asset composition will become clearer.
而更公开和透明将是稳定币项目长期发展的必然趋势。7月19日，美国财长耶伦召集美联储、证券交易委员会和商品期货委员会的负责人开会，讨论对于稳定币事宜，可见已经将稳定币的监管事宜提上日程。对于USDC来说，更加公开和透明，不仅仅是公司发展的需要，也是整个加密货币行业发展的需要。（头图来自greeneryfinancial）
More openness and transparency will be the inevitable trend in the long-term development of the currency stabilization project. On July 19, US Treasury Secretary Ellen convened a meeting of the heads of the Federal Reserve, the Securities and Exchange Commission, and the Commodity Futures Commission to discuss the need to regulate currency stabilization.
[1]:https://www.centre.io/hubfs/pdfs/attestation/Grant-Thorton_circle_usdc_reserves_07162021.pdf
[2]:https://tether.to/wp-content/uploads/2021/05/tether-march-31-2021-reserves-breakdown.pdf
[3]:https://ag.ny.gov/sites/default/files/2021.02.17_-_settlement_agreement_-_execution_version.b-t_signed-c2_oag_signed.pdf
[4]:https://twitter.com/jerallaire/status/1413122371230257154
[5]:https://www.sec.gov/files/forms-1.pdf
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