Understanding Stablecoin Attestation Reports: A Comprehensive Guide

This guide explains everything you need to know about stablecoin attestation reports, how they work and why they matter.

Key takeaways:

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. They serve as a medium of exchange, a store of value and collateral on decentralized finance (DeFi) platforms.

But 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 these reports is essential for anyone interacting with stablecoins like USDC (CRYPTO: USDC) or Tether USDt (CRYPTO: 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 provides an opinion on whether the stablecoin issuer holds sufficient reserves to back the coins that are outstanding.

Unlike full audits, which assess broader financial systems and controls, attestations are narrower in scope. They confirm specific facts, such as whether reported reserve balances equal outstanding token 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 U.S. dollars, an attestation report would provide evidence to support that claim. Stablecoins like USDC regularly publish such reports to attest to the full backing of their coins, which helps maintain user confidence and stability in the ecosystem.

These reports are especially important for investors and institutions that rely on stablecoins for cross-border settlements, serve as collateral in lending protocols and participate in DeFi applications. Without trust in the reserves' authenticity, the stablecoin system risks collapsing, which can have knock-on effects on the broader crypto market.

Purpose of stablecoin attestations: Why transparency matters

Transparency is crucial in the crypto space, especially for stablecoins, which form the backbone of the industry. Attestation reports offer a glimpse into a stablecoin issuer’s reserves and disclosure practices, allowing users, regulators and investors to assess whether the issuer is operating responsibly.

Issuers like Circle, the company behind USDC, publish attestation reports to demonstrate their 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 helps build the foundation for regulatory trust and encourages traditional financial institutions to invest in the crypto space. It also aligns with broader industry goals for increasing stablecoin compliance, particularly as governments worldwide are exploring 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).

Having attestors that are not affiliated with the stablecoin issuer is crucial to avoid any conflicts of interest. The involvement of an independent third party in reviewing the reserves ensures that the information is presented fairly, credibly and in accordance 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:

Redeemable tokens outstanding.

The availability and composition of redemption assets.

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 their evaluations are performed using criteria that are relevant, reliable and capable of being measured, a key requirement under U.