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Politics
British Steel: Raw materials for Scunthorpe plant ‘paid for’ amid race against time to avert shutdown
The raw materials needed to keep British Steel’s Scunthorpe plant operating have been paid for, Deputy Prime Minister Angela Rayner has said – but she would not be drawn on when they would arrive.
Officials have been racing to obtain enough iron and coal to keep the furnaces at the UK’s last virgin steel-producing plant going – because if they cool down too much, the molten iron solidifies and blocks the furnaces.
It comes after ministers rushed through an emergency bill on Saturday to take over the facility after talks with Chinese owners Jingye broke down.
Politics latest: Chinese embassy urges UK to act with ‘fairness’ on British Steel
Business Secretary Jonathan Reynolds said the government had been prompted into action after learning that the firm had stopped ordering new raw materials to keep the plant running and planned on selling off supplies it already had.
Speaking to reporters from the site in Scunthorpe on Monday afternoon, Ms Rayner said: “We’ve got the raw materials, they’ve been paid for, and we’re confident that the furnaces will continue to fire.”
Asked whether the materials would be arriving on Monday, the deputy PM only said: “As I say, we’ve got the raw materials, and everything’s in place, and we’re confident that the furnaces will continue.”
Angela Rayner views blast furnaces during her visit to the British Steel site in Scunthorpe. Pic: PA
Earlier, Exchequer Secretary to the Treasury James Murray told Sky News the raw materials were “in the UK” and “nearby” the Lincolnshire site.
He said there were “limits to what I can say” because there were “commercial operations going on here”.
The prime minister’s official spokesman said there were two ships carrying materials docked at Immingham port in North Lincolnshire, with “a third ship which is currently en route off the coast of Africa, which will be making its way to the UK”.
Ministers have faced questions over why they are only just acting now, given unions warned earlier this month that Jingye decided to cancel future orders for the iron ore, coal and other raw materials needed to keep the furnaces running.
Parliament was recalled on Saturday so that emergency legislation could be passed bringing the steelworks into effective government control and officials were on site as soon as the new legislation came into force.
Read more:
What next for British Steel?
How Trump, China and Reform played their part as government steps in
Ms Rayner would not be drawn on the long-term plan, nor whether other buyers were interested or whether it would come down to nationalisation.
She said: “We’ve taken nothing off the table. We’d like to see private investment going forward… we’re confident of the future of British Steel.”
‘No evidence of sabotage’
Ms Rayner said the government “hasn’t seen any evidence” of sabotage, when asked about suggestions that Jingye might have purposefully attempted to shut the blast furnaces down.
The Chinese company stepped in with a deal to buy British Steel’s Scunthorpe plant out of insolvency five years ago.
Mr Reynolds told MPs on Saturday that the intention of Jingye… “was to cancel and refuse to pay for existing orders” which would have “irrevocably and unilaterally closed down primary steelmaking at British Steel”.
Appearing on Sky News’ Sunday Morning With Trevor Phillips, the business secretary said he would not bring a Chinese company into the “sensitive” steel sector again.
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British Steel: What happens next?
Commenting on the situation for the first time on Monday, a Chinese embassy spokesperson urged the British government to act with “fairness, impartiality and non-discrimination… to make sure the legitimate rights and interests of the Chinese company be protected”.
“It is an objective fact that British steel companies have generally encountered difficulties in recent years,” it added.
Companies including Tata – which ran the now-closed Port Talbot steelworks – and Rainham Steel have offered managerial support and materials to keep the Lincolnshire site running.
Union officials have said they are “hopeful” that the materials required at the North Lincolnshire works will arrive within the next 48 hours.
However Andy Prendergast, national secretary at the GMB, said there still needs to be “a deal to be done for the future” and their preference is “nationalisation of what is a key national asset”.
The Conservatives accused the government of acting “too late” and implementing a “botched nationalisation” after ignoring warnings about the risk to the steelworks.
Shadow business secretary Andrew Griffith said: “The Labour government have landed themselves in a steel crisis entirely of their own making.
“They’ve made poor decisions and let the unions dictate their actions.”
The market cap of Circle’s Euro Coin (EURC), a euro-pegged stablecoin, is growing quickly as the ongoing trade war pushes the US dollar price lower.
“In recent weeks, interest in the euro has grown tremendously” and “this interest has not escaped the Circle EURC stablecoin,” Obchakevich Research founder Alex Obchakevich wrote in a recent X post.
The euro has risen by 2.2%, reaching its highest price since February 2022 at its current price of $1.13.
Obchakevich said that amid this happening, decentralized finance (DeFi) protocol Aave saw €2.3 million of Euro Coin inflows in April alone. He further highlighted that EURC’s capitalization is growing at a rapid pace.
Source: Obchakevich’s
CoinMarketCap data shows EURC’s market cap rose from under $84 million at the end of 2024 to more than $198 million as of mid-April — a 136% increase year to date.
Related: ECB exec renews push for digital euro to counter US stablecoin growth
The euro grows amid an increasingly harsh trade war
The euro’s recent rally comes as the US dollar weakens on the back of escalating trade tensions. Since Dec. 31, 2024, the dollar has dropped from 0.97 euro to 0.88 euro, a 9.3% decline against the euro.
The US and European Union “are likely to reach an agreement on a trade deal that will stabilize the euro at $1.11 to the dollar,” Obchakevich said. Still, he expects the Euro Coin to keep growing:
“EURC will continue to grow through integration with various payment systems and blockchains.“
The analyst said that after launching on Ethereum, Euro Coin was also deployed on Avalanche, Base, Stellar, Sonic and Solana, leading to a growing supply. He shared his outlook on future market developments:
“I predict EURC to grow to 400 million euros by the end of this year. This will be further impacted by MiCa regulatory support and economic challenges.“
Related: Digital euro to be ‘most private electronic payment option’
MiCA works in Circle’s favor
Euro Coin and USDC (USDC) issuer Circle is reaping the rewards of its regulatory-friendly strategy. The firm’s products are the top euro and US dollar-pegged stablecoins that comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation.
The current stablecoin market leader is Tether, with its USDt (USDT) stablecoin currently having a market cap of $144 billion according to CoinMarketCap data. This is significantly higher than leading stablecoin USDC’s $60 billion market cap.
Still, many expect this gap to shrink as the USDt keeps being pushed from the European Union’s market due to a lack of MiCA compliance. This trend culminated in the world’s leading crypto exchange, Binance, delisting USDt for its European Economic Area-based users to comply with the rules in March.
Magazine: How crypto laws are changing across the world in 2025
Key takeaways
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Stablecoin attestation reports provide third-party verification that each token is backed by real-world assets like cash and US Treasurys.
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Attestation ≠ audit: Attestations are point-in-time checks, not deep financial audits, so users should still perform broader due diligence.
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Not all tokens are redeemable. Time-locked, test or frozen tokens are excluded from reserve calculations to reflect only actively circulating coins.
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USDC sets an industry benchmark with regular third-party attestations, transparent reserve reporting and compliance with MiCA regulations.
Stablecoin attestation reports provide third-party verification that each token is backed by real-world assets like cash and US Treasurys.
Attestation ≠ audit: Attestations are point-in-time checks, not deep financial audits, so users should still perform broader due diligence.
Not all tokens are redeemable. Time-locked, test or frozen tokens are excluded from reserve calculations to reflect only actively circulating coins.
USDC sets an industry benchmark with regular third-party attestations, transparent reserve reporting and compliance with MiCA regulations.
Stablecoins play a crucial role in the digital asset ecosystem, bridging traditional fiat currencies and the decentralized world of cryptocurrencies.
How can you be confident that each stablecoin is backed by real-world assets? This is where stablecoin attestation reports come in.
Understanding how to read attestation reports is essential for anyone interacting with stablecoins like USDC (USDC) or Tether USDt (USDT).
This guide explains everything you need to know about stablecoin attestation reports, how they work and why they matter.
What is a stablecoin attestation report?
A stablecoin attestation report is a formal document issued by an independent third party — a certified public accountant (CPA) firm — that verifies whether the stablecoin issuer holds sufficient reserves to back the coins in circulation.
Unlike full audits, which evaluate broader financial systems and controls, attestations are narrower in scope. They confirm specific facts, like whether reserve balances match circulating supply at a single point in time.
Think of an attestation as a snapshot taken by accountants saying, “Yes, we’ve checked, and the money is there right now.”
It’s not as deep or wide as an audit, but it still builds trust.
For example, if a stablecoin issuer claims that each token is backed 1:1 by US dollars, an attestation report would provide evidence supporting that claim. Stablecoins like USDC regularly publish such reports to prove that their coins are fully backed, helping to build trust in their ecosystem.
Attestation reports are especially critical for investors and institutions that depend on stablecoins for cross-border settlements, collateral in lending protocols and participation in decentralized finance (DeFi) applications. Without confidence in the reserves’ authenticity, the stablecoin system risks collapse, which can impact the broader crypto market.
Purpose of stablecoin attestations: Why transparency matters?
Transparency is essential in the crypto space, especially for stablecoins, which serve as a medium of exchange, a store of value and collateral on DeFi platforms. Attestation reports offer a window into a stablecoin issuer’s reserves and disclosure practices, allowing users, regulators and investors to evaluate whether the issuer is operating responsibly.
Issuers like Circle, the company behind USDC, publish attestation reports to demonstrate compliance with regulatory expectations and assure users that the coins they hold are not only stable in name but also in substance. In doing so, they promote stablecoin investor safety and support market integrity.
This transparency builds the foundation for regulatory trust and helps attract traditional financial institutions into the space. It also aligns with broader industry goals for increasing stablecoin compliance, particularly as governments worldwide explore stablecoin-specific regulations.
Who conducts the attestation?
Stablecoin attestation reports are prepared by independent accounting firms. For instance, Circle’s USDC attestation reports are conducted by Deloitte (as of April 13, 2025), a leading global audit and advisory firm. These firms follow professional standards set by bodies like the AICPA (American Institute of Certified Public Accountants).
Independent attestors are essential because they remove conflicts of interest. Having a third-party review reserves ensures that the information is unbiased, credible and aligned with global assurance standards.
AICPA’s 2025 criteria: Standardizing stablecoin attestations
In response to growing concerns over inconsistent stablecoin disclosures, the AICPA introduced the 2025 Criteria for Stablecoin Reporting, a standardized framework for fiat-pegged, asset-backed tokens.
These criteria define how stablecoin issuers should present and disclose three key areas:
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Redeemable tokens outstanding.
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The availability and composition of redemption assets.
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The comparison between the two.
What makes the 2025 Criteria important is its emphasis on transparency and comparability. For example, token issuers must clearly define redeemable versus nonredeemable tokens (such as time-locked or test tokens), identify where and how reserves are held and disclose any material legal or operational risks affecting redemption.
By aligning attestation reports with this framework, accounting firms ensure that evaluations are conducted using suitable, objective and measurable criteria, a key requirement under US attestation standards. This gives investors, regulators and DeFi users a more consistent and reliable basis for evaluating stablecoin solvency and trustworthiness.
As adoption grows, the 2025 Criteria may become the industry benchmark, especially as regulatory bodies increasingly rely on standardized reporting to assess stablecoin risks and enforce compliance.
Did you know? Not all stablecoins in circulation are redeemable. Some, like time-locked tokens, are temporarily restricted and can’t be accessed until a specific date. Others, known as test tokens, are used only for internal system testing and are never meant to be redeemed. These tokens are excluded from reserve calculations in attestation reports to ensure an accurate picture of what’s backing user-accessible stablecoins.
Behind the peg: How to read a stablecoin report and spot real backing
Reading a stablecoin attestation report isn’t just about scanning numbers. It’s about knowing whether the stablecoin you’re holding is backed.
Here’s how to break it down step by step and spot what really matters:
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Check the report date: Attestations are point-in-time reviews. Look for the exact date the report covers (e.g., Feb. 28, 2025). It confirms reserves on that day only, not before or after.
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Compare circulating supply vs reserves: Find the number of tokens in circulation and the total value of reserves. The reserves should be equal to or greater than the supply. If not, that’s a red flag.
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Look at what backs the reserves: Reserves should be held in safe, liquid assets like US Treasurys or cash in regulated financial institutions. Watch out for risky or vague asset descriptions.
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Review custodian and asset details: Check who’s holding the funds (e.g., major banks or money market funds) and where they’re stored. Remember, reputable custodians add credibility.
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Understand the methodology: The report should explain how the review was conducted, what data was verified, what systems were used and which standards (like AICPA) were followed.
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Identify excluded tokens: Some tokens, like test tokens or time-locked tokens, are excluded from circulation counts. Look for notes explaining these exceptions.
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Check who performed the attestation: An independent and recognized accounting firm (like Deloitte or Grant Thornton) adds legitimacy. If the attestor isn’t disclosed or independent, treat with caution. A signed statement from the accounting firm verifies the accuracy of the issuer’s claims.
Investors may also look for supplementary notes within the report, such as jurisdiction of reserve accounts, legal encumbrances on assets or clarification of valuation techniques. All these elements help paint a fuller picture of risk and reliability.
What the February 2025 USDC attestation report reveals
In March 2025, Circle released its latest reserve attestation report, offering a transparent look at what backs one of the most widely used digital dollars in crypto.
The report was independently examined by Deloitte, one of the “Big Four” global accounting firms. Deloitte confirmed that, as of both Feb. 4 and Feb. 28, 2025, the fair value of Circle’s reserves was equal to or greater than the amount of USDC in circulation.
The below snapshot from Circle’s February 2025 attestation report shows that the amount of USDC in circulation stood at $54.95 billion on Feb. 4 and $56.28 billion on Feb. 28. The fair value of reserves held to back USDC exceeded these figures, totaling $55.01 billion and $56.35 billion on the respective dates.
What’s in the reserves?
Circle holds its USDC reserves mainly in:
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US Treasury securities
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Treasury repurchase agreements
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Cash at regulated financial institutions
These assets are kept separate from Circle’s corporate funds and are managed through the Circle Reserve Fund, a regulated money market fund.
The attestation also accounts for technical factors like “access-denied” tokens (e.g., frozen due to legal or compliance reasons) and tokens not yet issued, ensuring an accurate measure of circulating USDC.
For users, this means greater confidence that every USDC token is backed by high-quality, liquid assets, just like the company claims.
Did you know? As of Feb. 4 and Feb. 28, 2025, 993,225 USDC remained permanently frozen on deprecated blockchains, including the FLOW blockchain. These tokens are excluded from the official USDC in circulation totals reported by Circle.
How are stablecoin reserves verified?
Stablecoin attestation reports serve as a form of proof of reserves, providing independent confirmation that a stablecoin issuer holds enough assets to back the tokens in circulation. The verification process typically involves several key steps:
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Reviewing bank statements and financial records.
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Confirming cash balances held by custodians.
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Cross-checking reported reserves with third-party documentation.
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Comparing the supply of stablecoins onchain with the reported reserve amount.
As mentioned, these procedures are carried out by independent accounting firms and are designed to ensure that the reserves are not only sufficient but also liquid and accessible.
Some attestation reports also include details on the tools and technologies used to maintain transparency, such as real-time API integrations with custodians and onchain monitoring systems. These advancements are helping bridge the gap between traditional finance and blockchain, reinforcing trust through verifiable, tamper-resistant data.
What happens if reserves don’t match supply?
If an attestation report reveals that a stablecoin issuer does not hold sufficient reserves, the consequences can be severe. The issuer may face:
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Regulatory scrutiny: Noncompliance with financial regulations.
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Market sell-offs: A drop in user confidence may lead to mass redemptions.
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Price instability: The stablecoin may lose its 1:1 peg.
These concerns highlight the need for regular, transparent crypto reserve reports. For instance, Tether has faced ongoing criticism for the lack of clarity surrounding its reserves, fueling demands for greater disclosure. This opacity has also led to Tether’s delisting in Europe under Markets in Crypto-Assets (MiCA) regulations as exchanges brace for stricter compliance requirements.
Lack of transparency can also invite speculation and misinformation, which can cause unnecessary panic in the markets. As a result, proactive disclosure is not just a best practice; it’s a business imperative for stablecoin issuers.
Limitations of stablecoin attestation reports
While attestation reports are crucial, they are not a cure-all. Here are some limitations:
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Point-in-time snapshots: Reports only verify reserves on a specific date.
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No forward-looking guarantees: Attestations don’t predict future solvency.
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Limited operational insight: They typically don’t cover risks like hacking, mismanagement or liquidity issues.
For example, the latest USDC attestation (as discussed in this article) confirms full reserves as of Feb. 4 and Feb. 28, 2025, but it says nothing about what happens on March 1 or any day after. Users must understand these limitations and avoid assuming that attestation equals absolute safety.
This is why combining attestation reports with other forms of due diligence like reading legal disclaimers, following regulatory updates and tracking company behavior is key for responsible crypto participation.
Not just a report — A roadmap to trust in crypto
Reading a stablecoin attestation report is more than scanning numbers; it’s a key step in assessing the trustworthiness of a digital asset. By understanding how to read attestation reports, crypto users can make informed decisions, avoid unnecessary risks and support projects that prioritize stablecoin compliance and transparency.
With clearer frameworks from institutions like the AICPA and growing public pressure for stablecoin disclosure practices, the ecosystem is moving toward greater accountability. As regulators sharpen their focus and investors demand more visibility, learning to navigate crypto attestation reports will become an essential skill for all participants in the crypto economy.
Whether you’re a retail investor, developer or institutional player, mastering these reports helps protect your assets and support a more transparent and trustworthy crypto future.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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