In 2025, stablecoin transparency has become non-negotiable.
With the GENIUS Act now law and the STABLE Act pending, monthly reserve reporting is quickly becoming the industry standard.
This guide examines which stablecoins currently publish monthly audited reserves and what you need to know about verifying these reports.
Key Takeaways
- Four major stablecoins publish monthly attestations: Tether (USDT), USD Coin (USDC), Pax Dollar (USDP), and TrueUSD (TUSD, daily)
- Monthly reporting will soon be mandatory: The GENIUS Act requires all permitted US stablecoin issuers to publish monthly audited reports
- Attestations differ from audits: Most stablecoins provide attestations (point-in-time verification) rather than comprehensive audits
- Big Four accounting firms dominate: Deloitte, BDO, KPMG, and similar firms handle most major stablecoin attestations
- Real-time verification is emerging: Some stablecoins like TUSD now offer daily or real-time reserve verification
Understanding Stablecoin Reserve Audits
What Constitutes an Audited Reserve Report
An attestation report verifies specific claims about a stablecoin's reserves at a particular moment.
Independent CPAs examine:
- Token circulation numbers across all supported blockchains
- Asset composition including cash, Treasury bills, and other holdings
- Fair value calculations confirming reserves match or exceed token supply
- Custody arrangements detailing where assets are held
- Professional opinion from the examining accountant
Major firms like Deloitte, BDO, and KPMG conduct these examinations following AICPA standards.
Why Monthly Reporting Matters
Monthly attestations provide:
- Timely updates on reserve status
- Early warning of potential issues
- Regulatory alignment with new requirements
- Market confidence through regular transparency
According to recent data, 71% of leading stablecoins now publish proof-of-reserves reports, with licensed issuers offering audited attestations increasing by 44% since 2024.
Stablecoins with Monthly Audited Reserves
Tether (USDT)
Tether, with $143 billion in circulation, switched to monthly reporting in August 2022.
Attestation Details:
- Frequency: Monthly (previously quarterly)
- Auditor: BDO Italia
- Reserves: Primarily US Treasury Bills ($97.6 billion), plus cash, repos, and other investments
- Reports: Tether transparency page
Tether now ranks as the 18th largest holder of US Treasuries globally.
USD Coin (USDC)
Circle's USDC maintains approximately $58 billion in circulation with consistent monthly reporting since launch.
Attestation Details:
- Frequency: Monthly since inception
- Auditor: Deloitte (formerly Grant Thornton)
- Reserves: Circle Reserve Fund (SEC-registered money market fund), Treasuries, bank deposits
- Special feature: Daily portfolio updates via BlackRock
- Reports: Circle transparency page
Pax Dollar (USDP)
Paxos operates under New York State Department of Financial Services oversight.
Attestation Details:
- Frequency: Monthly (Note: No longer proactively published as of 2025)
- Auditor: KPMG LLP (formerly WithumSmith+Brown)
- Reserves: 100% cash and cash equivalents in segregated accounts
- Reports: Paxos transparency reports
TrueUSD (TUSD)
TrueUSD leads the industry with daily attestations.
Attestation Details:
- Frequency: Daily (industry-leading)
- Auditors: Moore Hong Kong (daily), The Network Firm LLP (real-time)
- Special feature: Chainlink Proof of Reserve integration
- Reports: TUSD transparency dashboard
Stablecoins with Less Frequent Reporting
Quarterly Reporters
- DAI (MakerDAO): Uses on-chain transparency for collateralized positions
- Frax (FRAX): Partial collateralization with algorithmic elements
- FDUSD: Quarterly reporting schedule
Irregular or No Public Audits
Warning signs for inadequate reporting:
- No fixed reporting schedule
- Vague asset descriptions
- Frequent auditor changes
- Consistently late reports
How to Verify Stablecoin Reserves
Finding Official Reports
- Start with official websites - Always use the issuer's transparency page
- Verify through auditors - Check the accounting firm's website
- Cross-reference data - Compare on-chain data with reported figures
- Check regulatory filings - Review SEC or state regulatory databases
Reading Audit Reports
Focus on these sections:
- Management assertion stating reserve claims
- Independent accountant's findings
- Asset breakdown with specific percentages
- Reconciliation notes explaining any differences
Red Flags in Reserve Reporting
Watch for:
- Delays beyond stated schedules
- Generic descriptions like "cash equivalents" without details
- High percentages of commercial paper
- Changing auditors multiple times per year
- Missing custody information
Future of Stablecoin Auditing
Regulatory Requirements
The GENIUS Act establishes clear requirements:
- Monthly attestations mandatory
- CEO/CFO personal certification
- Criminal penalties for false reports
- 1:1 reserve backing required
The pending STABLE Act proposes even stricter standards. For updates on regulatory changes, follow stablecoin news from industry sources.
Technology Advances
Emerging verification methods:
- Continuous attestations updating in real-time
- Smart contract verification automatic on-chain proof
- Cross-chain reporting unified across all blockchains
- Automated monitoring flagging anomalies instantly
Best Practices for Stablecoin Users
Due Diligence Checklist
Before using any stablecoin:
- Verify the latest attestation date (within 30 days)
- Check auditor credentials and independence
- Review asset composition (avoid high-risk holdings)
- Confirm regulatory compliance
- Examine reporting history for consistency
Risk Management
- Diversify across multiple stablecoins
- Set alerts for report releases
- Test redemptions periodically
- Monitor regulatory changes
- Keep records of all transactions
Conclusion
Monthly audited reserves have become the benchmark for stablecoin transparency.
While Tether, USDC, and TrueUSD currently lead with regular reporting, new regulations will soon make this practice mandatory for all US-compliant issuers.
Users should prioritize stablecoins with consistent, detailed attestations from reputable auditors.
As the industry matures, expect real-time verification to become standard, replacing monthly reports with continuous transparency.
The key is simple: if a stablecoin can't prove its reserves monthly, consider alternatives that can.
Read Next:
- Ebisu Money Raises $600K to Build ebUSD: The First Stablecoin Backed by Liquid Restaking Tokens
- Stable Raises $28M from Bitfinex and Hack VC to Launch First USDT-Powered Layer 1 Blockchain
- Which stablecoins are fully backed by fiat?
FAQs:
1. How often should stablecoins publish audits?
Monthly attestations are becoming the standard, with the GENIUS Act mandating this frequency. Some stablecoins like TrueUSD provide daily reports.
2. What's the difference between an audit and an attestation?
An attestation verifies specific information at a point in time (like reserve balances). An audit examines comprehensive financial statements over a period. Most stablecoins provide attestations.
3. Where can I find the latest reserve reports?
Check official issuer websites: Tether, Circle (USDC), Paxos (USDP), and TrueUSD.
4. Which auditing firms are most reputable?
The Big Four (Deloitte, PwC, EY, KPMG) are most trusted, followed by firms like BDO and Grant Thornton. Specialized crypto firms like The Network Firm also provide quality services.
5. What should I do if a stablecoin misses its monthly report?
Treat this as a warning sign. Reduce holdings, watch for updates, and consider switching to stablecoins with better reporting records.
