了解Stablecoin認證報告：綜合指南

本指南介紹了您需要了解的有關Stablecoin證明報告，它們的工作方式以及為什麼重要的一切。

Key takeaways:

關鍵要點：

Stablecoin attestation reports provide third-party verification that each token is backed by real-world assets like cash and US Treasurys.

Stablecoin認證報告提供了第三方驗證，每個代幣都由現實世界和美國財政部等現實世界中的資產提供支持。

Attestation ≠ audit: Attestations are point-in-time checks, not deep financial audits, so users should still perform broader due diligence.

認證≠審核：證明是時間檢查，而不是深入的財務審核，因此用戶仍應執行更廣泛的盡職調查。

Not all tokens are redeemable. Time-locked, test or frozen tokens are excluded from reserve calculations to reflect only actively circulating coins.

並非所有令牌都是可以兌換的。儲備金計算中排除了時間鎖定，測試或冷凍令牌，以反映出積極循環硬幣。

USDC sets an industry benchmark with regular third-party attestations, transparent reserve reporting and compliance with MiCA regulations.

USDC通過定期的第三方證明，透明的儲備報告和遵守雲母法規設定了行業基準。

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.

穩定幣在數字資產生態系統中起著至關重要的作用，彌合了傳統的法定貨幣和加密貨幣的分散世界。它們是交換的媒介，在分散融資（DEFI）平台上的價值存儲和抵押品。

But how can you be confident that each stablecoin is backed by real-world assets? This is where stablecoin attestation reports come in.

但是，您怎麼能確信每個穩定的人都得到現實世界中的資產的支持？這是Stablecoin認證報告的所在地。

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.

了解如何閱讀這些報告對於與USDC（Crypto：USDC）或Tether USDT（Crypto：usdt）等穩定的人互動的任何人至關重要。本指南介紹了您需要了解的有關Stablecoin證明報告，它們的工作方式以及為什麼重要的一切。

What is a stablecoin attestation report?

什麼是Stablecoin認證報告？

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.

Stablecoin認證報告是由獨立第三方（CPA）公司（CPA）公司發布的正式文件，該文件就stablecoin發行人是否持有足夠的儲備來支持未償還的硬幣的意見。

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.

與評估更廣泛的財務系統和控制的全面審計不同，證明的範圍較窄。他們確認了具體的事實，例如報告的儲備金餘額是否在一個時間點上等於未償還的令牌供應。

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.

將證明視為會計師拍攝的快照，說：“是的，我們已經檢查了，現在錢就在那裡。”它不像審核那樣深，但仍然建立信任。

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.

例如，如果穩定發行人聲稱每個令牌都以美元為單位1：1，則證明報告將提供證據以支持該索賠。像USDC這樣的Stablecoins定期發布此類報告，以證明其硬幣的全部支持，這有助於維持用戶對生態系統的信心和穩定性。

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.

這些報告對於依靠穩定的跨境定居點的投資者和機構尤其重要，作為貸款協議的抵押品並參與DEFI申請。如果沒有信任儲備金的真實性，Stablecoin系統可能會崩潰，這可能會對更廣泛的加密市場產生連鎖反應。

Purpose of stablecoin attestations: Why transparency matters

確定性證明的目的：透明度為什麼重要

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.

透明度在加密貨幣領域至關重要，尤其是對於構成行業骨幹的Stablecoins而言。證明報告可瞥見穩定發行人的儲備和披露慣例，允許用戶，監管機構和投資者評估發行人是否負責任地運作。

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.

USDC背後的公司像Circle這樣的發行人發布了證明報告，以證明其遵守監管期望，並向用戶保證，他們持有的硬幣不僅穩定，而且還具有實質性。為此，他們促進了Stablecoin投資者的安全和支持市場完整性。

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.

這種透明度有助於為監管信任建立基礎，並鼓勵傳統的金融機構投資加密領域。它還符合更廣泛的行業目標，以提高穩定的依從性，尤其是當全球各國政府探索特定於Stablecoin的法規時。

Who conducts the attestation?

誰進行證明？

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).

Stablecoin認證報告由獨立會計師事務所編寫。例如，Circle的USDC認證報告由領先的全球審計和諮詢公司Deloitte（截至2025年4月13日）進行。這些公司遵循AICPA（美國認證公共會計師研究所）等機構設定的專業標準。

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.

擁有與Stablecoin發行人有聯繫的證明者對於避免任何利益衝突至關重要。獨立第三方參與審查儲量，確保信息得到公平，可信度和按照全球保證標準的介紹。

AICPA’s 2025 criteria: Standardizing stablecoin attestations

AICPA的2025年標準：標準化Stablecoin證明

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.

為了應對對不一致的Stablecoin披露的越來越關注，AICPA引入了2025年Stablecoin Reportsing的標準，該標準是一個標準化的菲亞特人，用於菲亞特，資產支持的代幣的標準化框架。

These criteria define how stablecoin issuers should present and disclose three key areas:

這些標准定義了穩定發行人應如何介紹和披露三個關鍵領域：

Redeemable tokens outstanding.

可贖回的令牌出色。

The availability and composition of redemption assets.

贖回資產的可用性和組成。

The comparison between the two.

兩者之間的比較。

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.

使2025標準重要的是它強調透明度和可比性。例如，令牌發行人必須清楚地定義可贖回與不可贖回的令牌（例如時間鎖定或測試令牌），確定儲備金的何處和如何披露，並披露了影響贖回的任何法律或操作風險。

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.

通過將證明報告與此框架保持一致，會計師事務所確保使用相關，可靠且能夠測量的標准進行評估，這是U.