Blockchain for Banking News

Stablecoin proof of reserves proposals seek more details

stablecoin disclosures

Last week the American Institute of CPAs (AICPA) published proposed criteria for stablecoin issuers when they disclose their proof of reserves. It asks for more details than any stablecoin issuers currently provide in their disclosures. Feedback is requested by January 29, 2024.

Following the collapse of FTX and some dubious reports, a raft of accountants abandoned cryptocurrency proof of reserve work in late 2022. However, the AICPA proposal only covers fiat-backed stablecoin issuers. 

The paper outlines ‘criteria’ rather than standards. Criteria are considered more like benchmarks, whereas standards are requirements.

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