THE COMPLIANCE BRIDGE LLC
L1 Executive Summary · Reserve Attestation Package · CONFIDENTIAL
SECTION 1: REPORTING PERIOD
Issuer
Circle Internet Financial, LLC · USDC SANDBOX
Period Start
January 1, 2024
Period End
January 31, 2024
Reporting Frequency
Monthly
Chains Covered
Ethereum · Polygon · Arbitrum · Base
Prepared By
The Compliance Bridge LLC
Delivery Date
February 5, 2024
SECTION 2: ON-CHAIN SUPPLY RECONCILIATION
Opening On-Chain Supply (USD)
$26,739,379,540
Total Mints (USD)
$7,870,000,000
Total Burns (USD)
$6,640,000,000
On-Chain Supply Change (USD)
$1,230,000,000
Closing On-Chain Supply (USD)
$27,969,379,540
SECTION 2B: SCOPE DISCLOSURE
Engagement Chain Scope
Ethereum · Polygon · Arbitrum · Base
Chains Excluded from Scope
Solana · Tron · Avalanche · Optimism · Noble · Stellar · Hedera · Algorand · Sui · Aptos
Issuer Total Circulation, All Chains (USD)
$28,309,379,540
In-Scope Closing On-Chain Supply (USD)
$27,969,379,540
Non-Scope Supply Delta (USD)
$340,000,000
Scope Variance Note
Attributable to Solana and Tron net supply movements. Phase II deferred. Expected, classifiable, and disclosed. Not a reconciliation error.
SECTION 3: RESERVE POSITION
Fiat Reserve Balance (USD)
$28,017,524,881
Closing On-Chain Supply (USD) [from Section 2]
$27,969,379,540
Surplus / (Deficit) (USD)
$48,145,341
SECTION 4: CPA ATTESTATION REFERENCE
Attestation Standard
AICPA AT-C Section 205
THE COMPLIANCE BRIDGE LLC
L2 Reconciliation Exhibit · Reserve Attestation Package · CONFIDENTIAL
SECTION A: REPORTING PERIOD
Issuer
Circle Internet Financial, LLC · USDC SANDBOX
Period Start
January 1, 2024
Period End
January 31, 2024
Reporting Frequency
Monthly
Chains in Scope (Phase I)
Ethereum · Polygon · Arbitrum · Base
Prepared By
The Compliance Bridge LLC
Delivery Date
February 5, 2024
SECTION B: ON-CHAIN SUPPLY RECONCILIATION (Phase I Chains)
Opening On-Chain Supply (USD)
$26,739,379,540
Total Mints (USD): Phase I
$7,870,000,000
Total Burns (USD): Phase I
$6,640,000,000
On-Chain Supply Change (USD)
$1,230,000,000
Closing On-Chain Supply (USD)
$27,969,379,540
SECTION B.1: ON-CHAIN SUPPLY CHANGE BY CHAIN
| Chain / Scope Status | On-Chain Supply Change (USD) |
|---|
| Phase I: In Scope Active |
| Ethereum | $892,000,000 |
| Polygon | $124,000,000 |
| Arbitrum | $156,000,000 |
| Base | $58,000,000 |
| Phase I Total: On-Chain Supply Change (USD) | $1,230,000,000 |
| Internal Check: Variance to Section B (must be zero) | $0 |
|
| Phase II Major: Out of Scope Deferred · Non-EVM |
| Solana: Phase II, Deferred (non-EVM) | out of scope |
| Tron: Phase II, Deferred (non-EVM) | out of scope |
|
| Phase II Other: Out of Scope (additional chains) |
| Avalanche · Optimism · Noble · Stellar · Hedera · Algorand · Sui · Aptos | out of scope |
SECTION B.2: SCOPE RECONCILIATION
Issuer Published All-Chain Supply Change (USD)
$1,570,000,000
TCB Phase I: On-Chain Supply Change (USD)
$1,230,000,000
Scope Variance: attributable to Phase II deferred chains (Solana, Tron + other). Expected, classifiable, and disclosed.
$340,000,000
SECTION C: RESERVE POSITION
Fiat Reserve Balance (USD)
$28,017,524,881
Closing On-Chain Supply (USD) [from Section B]
$27,969,379,540
Surplus / (Deficit) (USD)
$48,145,341
SECTION D: CPA ATTESTATION REFERENCE
Attestation Standard
AICPA AT-C Section 205
CPA Verification Parameters
See Part E tab: included with every L2 package
THE COMPLIANCE BRIDGE LLC
Part E: CPA Verification Parameters · Permanent · Sent at Every Tier
PART E: CPA VERIFICATION PARAMETERS
| Attestation Standard | AICPA AT-C Section 205: Examination Engagements |
| Engagement Type | Attestation: Reserve Adequacy |
| Subject Matter | Stablecoin reserve assets equal or exceed coins in circulation |
| On-Chain Data Source | Dune Analytics: on-chain event log query |
| Issuer Contract Address | [Issuer-specific: populated at engagement initiation] |
| Mint Event Definition | ERC-20 Transfer event where from = zero address (0x000...000) |
| Burn Event Definition | ERC-20 Transfer event where to = zero address (0x000...000) |
| Decimal Normalization | Raw token units divided by 10^6 (USDC standard; confirmed per issuer) |
| Date Boundary Method | Half-open interval: [period_start, period_end) |
| Fiat Reserve Data Source | Issuer-signed TCB-TMP-006 Reserve Confirmation |
| Reserve Confirmation Template | TCB-TMP-006 (current version per Document Register TCB-LOG-004) |
| Collection Cadence | [Per engagement terms: see Engagement Letter] |
| Dune Query Reference | [Populated at engagement initiation] |
| Reconciliation Preparer | The Compliance Bridge LLC |
| Chains Covered: Phase I | Ethereum · Polygon · Arbitrum · Base |
| Chains Deferred: Phase II | Solana · Tron (non-EVM architecture) |
| Compliance Threshold | Reserve Ratio greater than or equal to 100% (Fiat Reserve Balance is greater than or equal to Closing On-Chain Supply) |
NOTE: Part E is non-depth-gated and is included in every L2 package regardless of client tier or reporting frequency. Fields marked [Populated at engagement initiation] are completed once and do not change cycle to cycle. This document is sent to the attesting CPA with every attestation package without exception.