How to read a stablecoin attestation
What reserves reports do and do not tell you, and the line items that matter.
At a glance
- An attestation confirms a figure on one date; it is not an opinion on financial statements over a period.
- Cash and short-dated Treasuries survive a redemption wave. Commercial paper and corporate bonds need a buyer.
- Check whether the report covers the issuer alone or the wider corporate group — affiliate assets are not your claim.
An attestation is not an audit, and the difference is the whole point. An audit expresses an opinion on financial statements over a period. An attestation confirms that a stated figure matched the records on a single date. A token can be fully backed on the last day of the quarter and thin on every other day without contradicting the document.
Read the date first, then the composition. Cash and short-dated Treasury bills are the assets that survive a redemption wave. Commercial paper, secured loans, corporate bonds and precious metals are assets that need a buyer at the exact moment everyone wants out.
Then find who signed it. A registered audit firm carries liability that a consultancy does not. The signature is often the most informative line on the page.
Finally, check whether the report covers the issuer alone or the wider group. Reserves held at an affiliate are not reserves you have a claim on, and the distinction is usually made in a footnote rather than the headline.
Key terms
- Attestation
- A point-in-time confirmation that a stated figure matched the underlying records.
- Full audit
- An opinion on financial statements across a period, carrying more liability and more scrutiny than an attestation.
- Redemption
- Exchanging a stablecoin back for the underlying currency, which draws directly on the reserve.
Frequently asked
Is an attestation legally required?
Requirements vary by jurisdiction and issuer; many major stablecoin issuers publish them voluntarily or under specific licensing regimes rather than a single universal law.
How often are attestations usually published?
Monthly or quarterly is typical for the largest issuers, though the cadence and depth of detail differ significantly between them.
Does a clean attestation guarantee the stablecoin can't fail?
No. It confirms the reserve matched the claim on one date; it says nothing about operational, legal, or liquidity risk between reports.