Attestation tracker
An attestation is a snapshot, not a guarantee: an accountant confirms reserves matched liabilities on one date. The number that matters is how long ago that date was, and whether it has already run past the issuer's own stated cadence.
| Issuer | Assets | Auditor | Cadence | Last attestation | Days since |
|---|---|---|---|---|---|
| Techteryx (TrueUSD)No independent monthly attestation has been published since the reserve manager controversy in 2024 — treat as materially overdue. | TUSD | Prior attestor (Moore Cayman) dropped coverage in 2024 | Irregular / none stated flag past 200d | 2024-05-31 | 810d |
| M0 | M0 | On-chain collateral registry, no external attestation letter yet | Irregular / none stated flag past 200d | 2026-03-31 | 141d |
| BitGo (via Galaxy/BiT Global) | BTCB | Third-party custody attestation | Quarterly flag past 100d | 2026-04-30 | 111d |
| Gemini | GUSD | BPM LLP | Monthly flag past 45d | 2026-05-31 | 80d |
| Frax Finance | FRAX, FRXUSD | On-chain collateral dashboard, periodic third-party review | Quarterly flag past 100d | 2026-05-31 | 80d |
| Sky (Maker)Collateral is verifiable on-chain in real time, but there is no periodic third-party attestation letter. | USDS, DAI | On-chain collateral dashboards, no external attestation | Irregular / none stated flag past 200d | 2026-06-01 | 79d |
| Tether | USDT | BDO Italia | Quarterly flag past 100d | 2026-06-30 | 50d |
| First Digital | FDUSD | Prescient Assurance | Monthly flag past 45d | 2026-06-30 | 50d |
| Agora | AUSD | VivoSecure / third-party reporting | Monthly flag past 45d | 2026-06-30 | 50d |
| Tether (Gold) | XAUT | Reporting accountant, bar list published | Quarterly flag past 100d | 2026-06-30 | 50d |
| World Liberty FinancialYoung issuer; disclosure practices are less mature than the incumbent issuers. | USD1 | Third-party reserve reporting | Monthly flag past 45d | 2026-06-30 | 50d |
| EthenaBacking is a delta-hedged derivatives position, not cash reserves — 'attestation' here confirms position size, not a bank balance. | USDE | Real-time proof-of-reserves dashboard (Chaos Labs) plus periodic attestation | Monthly flag past 45d | 2026-07-15 | 35d |
| Circle | USDC | Deloitte & Touche LLP | Monthly flag past 45d | 2026-07-31 | 19d |
| Paxos | USDP, PAXG | Withum | Monthly flag past 45d | 2026-07-31 | 19d |
| Ripple | RLUSD | BPM LLP | Monthly flag past 45d | 2026-07-31 | 19d |
| PayPal (via Paxos) | PYUSD | Withum | Monthly flag past 45d | 2026-07-31 | 19d |
| Ondo Finance | USDY, OUSG | Third-party fund administrator NAV reporting | Monthly flag past 45d | 2026-07-31 | 19d |
| BlackRock / Securitize (BUIDL)No public third-party attestation letter; NAV and holdings reported to fund investors only. | BUIDL | Fund administrator NAV reporting, not a public attestation | Monthly flag past 45d | 2026-07-31 | 19d |
| StraitsX | XUSD, XSGD | Independent Singapore-based accountant | Monthly flag past 45d | 2026-07-31 | 19d |
| Paxos (Gold) | PAXG | Withum | Monthly flag past 45d | 2026-07-31 | 19d |
Methodology
Each issuer's cadence (monthly, quarterly, semi-annual, annual or irregular) is read from its own disclosed reporting practice. An issuer is flagged as overdue once the days since its last published attestation exceed a threshold set generously beyond that cadence — 45 days for monthly, 100 for quarterly, 200 for semi-annual/irregular, 380 for annual — to allow for normal publication lag without excusing a genuine gap. Dates come from the issuer's own transparency page; where no formal attestation exists at all, we say so rather than inferring a date.
Attestations, answered
+ − What is an attestation, exactly?
An independent accountant checks, on one specific date, that the issuer's reserves matched the reported liabilities. It is a snapshot, not a continuous audit and not a guarantee about any other day — including the day you read it.
+ − Attestation vs audit — what is the real difference?
An audit tests internal controls and processes over a period and carries a much higher standard of assurance. Every issuer here publishes attestations; essentially none publish a full annual audit of the reserve entity, which is a standing criticism of the whole category.
+ − Why do some issuers go quiet for months?
Losing an attestor — as TrueUSD did in 2024 — or restructuring reserves are the two most common reasons. A long gap is not proof of a problem, but it removes the one independent check a holder has, and it should be treated as a red flag until a new attestation appears.
Related: safety rankings · treasuries and RWA
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