了解Stablecoin认证报告：综合指南

本指南介绍了您需要了解的有关Stablecoin证明报告，它们的工作方式以及为什么重要的一切。

Key takeaways:

关键要点：

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

Stablecoin认证报告提供了第三方验证，每个代币都由现实世界和美国财政部等现实世界中的资产提供支持。

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

认证≠审核：证明是时间检查，而不是深入的财务审核，因此用户仍应执行更广泛的尽职调查。

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

并非所有令牌都是可以兑换的。储备金计算中排除了时间锁定，测试或冷冻令牌，以反映出积极循环硬币。

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

USDC通过定期的第三方证明，透明的储备报告和遵守云母法规设定了行业基准。

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.

稳定币在数字资产生态系统中起着至关重要的作用，弥合了传统的法定货币和加密货币的分散世界。它们是交换的媒介，在分散融资（DEFI）平台上的价值存储和抵押品。

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，您怎么能确信每个稳定的人都得到现实世界中的资产的支持？这是Stablecoin认证报告的所在地。

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.

了解如何阅读这些报告对于与USDC（Crypto：USDC）或Tether USDT（Crypto：usdt）等稳定的人互动的任何人至关重要。本指南介绍了您需要了解的有关Stablecoin证明报告，它们的工作方式以及为什么重要的一切。

What is a stablecoin attestation report?

什么是Stablecoin认证报告？

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认证报告是由独立第三方（CPA）公司（CPA）公司发布的正式文件，该文件就stablecoin发行人是否持有足够的储备来支持未偿还的硬币的意见。

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.

与评估更广泛的财务系统和控制的全面审计不同，证明的范围较窄。他们确认了具体的事实，例如报告的储备金余额是否在一个时间点上等于未偿还的令牌供应。

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.

将证明视为会计师拍摄的快照，说：“是的，我们已经检查了，现在钱就在那里。”它不像审核那样深，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，如果稳定发行人声称每个令牌都以美元为单位1：1，则证明报告将提供证据以支持该索赔。像USDC这样的Stablecoins定期发布此类报告，以证明其硬币的全部支持，这有助于维持用户对生态系统的信心和稳定性。

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.

这些报告对于依靠稳定的跨境定居点的投资者和机构尤其重要，作为贷款协议的抵押品并参与DEFI申请。如果没有信任储备金的真实性，Stablecoin系统可能会崩溃，这可能会对更广泛的加密市场产生连锁反应。

Purpose of stablecoin attestations: Why transparency matters

确定性证明的目的：透明度为什么重要

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.

透明度在加密货币领域至关重要，尤其是对于构成行业骨干的Stablecoins而言。证明报告可瞥见稳定发行人的储备和披露惯例，允许用户，监管机构和投资者评估发行人是否负责任地运作。

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背后的公司像Circle这样的发行人发布了证明报告，以证明其遵守监管期望，并向用户保证，他们持有的硬币不仅稳定，而且还具有实质性。为此，他们促进了Stablecoin投资者的安全和支持市场完整性。

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.

这种透明度有助于为监管信任建立基础，并鼓励传统的金融机构投资加密领域。它还符合更广泛的行业目标，以提高稳定的依从性，尤其是当全球各国政府探索特定于Stablecoin的法规时。

Who conducts the attestation?

谁进行证明？

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认证报告由独立会计师事务所编写。例如，Circle的USDC认证报告由领先的全球审计和咨询公司Deloitte（截至2025年4月13日）进行。这些公司遵循AICPA（美国认证公共会计师研究所）等机构设定的专业标准。

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.

拥有与Stablecoin发行人有联系的证明者对于避免任何利益冲突至关重要。独立第三方参与审查储量，确保信息得到公平，可信度和按照全球保证标准的介绍。

AICPA’s 2025 criteria: Standardizing stablecoin attestations

AICPA的2025年标准：标准化Stablecoin证明

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.

为了应对对不一致的Stablecoin披露的越来越关注，AICPA引入了2025年Stablecoin Reportsing的标准，该标准是一个标准化的菲亚特人，用于菲亚特，资产支持的代币的标准化框架。

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

这些标准定义了稳定发行人应如何介绍和披露三个关键领域：

Redeemable tokens outstanding.

可赎回的令牌出色。

The availability and composition of redemption assets.

赎回资产的可用性和组成。

The comparison between the two.

两者之间的比较。

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标准重要的是它强调透明度和可比性。例如，令牌发行人必须清楚地定义可赎回与不可赎回的令牌（例如时间锁定或测试令牌），确定储备金的何处和如何披露，并披露了影响赎回的任何法律或操作风险。

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.

通过将证明报告与此框架保持一致，会计师事务所确保使用相关，可靠且能够测量的标准进行评估，这是U.