Attestation vs audit
Reserves & backingAn attestation is an accountant's point-in-time confirmation of reserve balances. A full audit is a broader opinion on financial statements. Most stablecoins publish the former.
An attestation says: on this date, these accounts held these balances. It does not opine on internal controls, related-party lending, or what happened the day before and after.
Cadence and independence matter more than the label. Monthly attestations by a large independent firm, with holdings broken down by instrument and maturity, are meaningfully stronger than an annual PDF from an unknown counterparty.
On-chain proof-of-reserve feeds are useful for crypto collateral but say nothing about off-chain fiat assets.
Why it matters
Frequency and independence of verification is one of the largest inputs to the USD.NET safety score.
How to read it
- •Monthly or better, by an independent firm, with instrument-level detail: strong.
- •Quarterly, aggregate-only: adequate.
- •Irregular or self-published: treat with caution.
See it in action
Related terms
What the issuer actually holds against outstanding tokens: T-bills, overnight repo, bank deposits, commercial paper, crypto collateral, or a mix.
USD.NET's 0–100 composite of reserve quality, attestation cadence, regulatory status, peg stability and liquidity depth. Opinionated, not a credit rating.
Which regime the issuer operates under — for example EU MiCA e-money tokens, a NYDFS trust charter, or a Singapore/UAE licence — and the reserve, reporting and redemption duties that come with it.