{
  "title": "Stablecoin Attestation Scorecard",
  "version": "1.0.0",
  "generatedAt": "2026-08-15",
  "path": "/research/data/stablecoin-scorecard.json",
  "method": "Structure over conduct. Every filled field is an observation with a quote of fifteen words or fewer, a source URL, and an accessed date; every unfillable field is marked absent with the search trail that failed to fill it. No field grades a practitioner or a firm, and no field is inferred. Observation channel: this version was compiled from an environment whose network egress blocks issuer domains, so no primary report PDF was opened; every filled field carries channel 'search-observed', meaning the quoted words appeared in search-engine-returned text from the cited URL on the accessed date. A field that would require reading the document itself, and that no indexed text stated, is absent, not guessed. Document-channel verification against the primary PDFs is the natural next version, and the schema already carries the channel field to record it.",
  "independence": "Public documents only. This scorecard describes what published reports and pages state, never what any firm deserves. It is the author's independent work, is not affiliated with, sponsored by, or endorsed by any employer, and is informational rather than professional advice or an assurance conclusion.",
  "dimensions": [
    {
      "key": "practitioner",
      "label": "Practitioner, as named"
    },
    {
      "key": "standard",
      "label": "Standard invoked, as stated"
    },
    {
      "key": "engagementType",
      "label": "Engagement type"
    },
    {
      "key": "subjectMatter",
      "label": "Subject matter, as stated"
    },
    {
      "key": "scope",
      "label": "Scope inclusions and stated exclusions"
    },
    {
      "key": "lag",
      "label": "As-of date vs publication date"
    },
    {
      "key": "cadence",
      "label": "Cadence"
    },
    {
      "key": "liabilities",
      "label": "Tokens outstanding in scope"
    },
    {
      "key": "composition",
      "label": "Reserve composition granularity"
    },
    {
      "key": "drift",
      "label": "Prior-year report and drift"
    },
    {
      "key": "jurisdiction",
      "label": "Regime vs standard origin"
    }
  ],
  "states": [
    "examined",
    "reviewed",
    "aup",
    "self-reported",
    "absent"
  ],
  "issuers": {
    "usdt": {
      "name": "Tether (USDT)",
      "issuerEntity": "Tether International, S.A. de C.V.",
      "fields": {
        "practitioner": {
          "value": "BDO",
          "quote": "attestation for Q2 of 2026, prepared by BDO",
          "url": "https://tether.io/news/tether-posts-strong-q2-performance-generates-1-5b-net-operating-profit-maintains-4-11b-reserve-buffer-and-expands-gold-holdings-to-more-than-146-tons/",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "standard": {
          "value": "ISAE 3000 (Revised)",
          "quote": "from BDO under the ISAE 3000 (Revised) standard, quarterly",
          "url": "https://stableregistry.com/stablecoins/usdt/reserves/",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "corroboration": "Q1 2026 opinion PDF titled ISAE_3000R_-_Opinion_Tether_International_Financial_Figure_31-03-2026.pdf observed at assets.ctfassets.net"
        },
        "engagementType": {
          "value": "reasonable-assurance engagement; not a full audit",
          "quote": "reasonable-assurance engagement under ISAE 3000 (Revised), signed by BDO",
          "url": "https://llamarisk.substack.com/p/examining-tethers-regulatory-status",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "subjectMatter": {
          "value": "Financial Figures and Reserves Report as prepared by the Board, against its own criteria",
          "quote": "is, in all material respects, fairly presented in accordance with the criteria",
          "url": "https://tether.io/news/",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "Fuller snippet: criteria 'including Management's Key Accounting Policies, set out therein'"
        },
        "scope": {
          "value": "Point in time; certain additional notes stated to be outside assurance scope",
          "quote": "states that those notes are outside the assurance scope",
          "url": "https://eco.com/support/en/articles/15606760-how-to-read-a-stablecoin-attestation-report-line-by-line",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "additionalQuote": "no assurance is provided on dates or times outside that report window"
        },
        "lag": {
          "value": "As of 2026-06-30, released 2026-07-31: 31 days",
          "quote": "prepared by BDO and released on July 31, 2026",
          "url": "https://cryptobriefing.com/tether-usdt-profit-q2-2026-stablecoin/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "cadence": {
          "value": "Quarterly",
          "quote": "publishes quarterly reports providing information on its Reserves",
          "url": "https://tether.to/en/transparency/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Yes: assets stated against liabilities",
          "quote": "held total assets of $187.75B against liabilities of $183.64B",
          "url": "https://cryptobriefing.com/tether-usdt-profit-q2-2026-stablecoin/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "composition": {
          "value": "Line items: T-bills, overnight and term reverse repos, gold, bitcoin, secured loans, corporate bonds",
          "quote": "US$117 billion in Treasury bills, US$19.3 billion in overnight reverse repurchase agreements",
          "url": "https://stableregistry.com/stablecoins/usdt/reserves/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "Q2 2025 also BDO under ISAE 3000R; 2026 added a first full audit: KPMG US, FY2025, unqualified opinion",
          "quote": "full independent audit of Tether International, S.A. de C.V.'s financial statements",
          "url": "https://tether.io/news/tether-completes-the-largest-inaugural-financial-audit-in-history/",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "Scope widened year over year, not narrowed; excess reserves halved 'as Disclosure Standards Shift' per forkast.news headline"
        },
        "jurisdiction": {
          "value": "El Salvador Digital Asset Issuance Law; US FinCEN MSB; standard is IAASB-family ISAE while GENIUS/MiCA regimes are not stated to apply",
          "quote": "authorized as a stablecoin issuer and digital-asset service provider under El Salvador's",
          "url": "https://llamarisk.substack.com/p/examining-tethers-regulatory-status",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "No indexed text stated ISAE 3000's issuing body; the IAASB attribution is not asserted here"
        }
      }
    },
    "usdc": {
      "name": "Circle (USDC)",
      "issuerEntity": "Circle (Circle Group)",
      "fields": {
        "practitioner": {
          "value": "Deloitte & Touche LLP",
          "quote": "monthly third-party attestations from Deloitte & Touche LLP",
          "url": "https://eco.com/support/en/articles/15182152-usdc-reserves-and-how-to-verify-them-in-2026",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "standard": {
          "value": "Attestation standards established by the AICPA",
          "quote": "in accordance with attestation standards established by the American Institute of Certified Public Accountants",
          "url": "https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20March%2026.pdf",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "AT-C section numbers appeared only in third-party explainers, not in report snippets"
        },
        "engagementType": {
          "value": "Examination",
          "quote": "The examination covered USDC Reserve Report as of March 11, 2026, and March 31, 2026",
          "url": "https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20March%2026.pdf",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "conflict": "Two eco.com summaries call the same reports 'agreed-upon-procedures'; the report's own title and opinion language say examination; both recorded",
          "state": "examined"
        },
        "subjectMatter": {
          "value": "Management's assertion that fair value of reserve assets >= USDC in circulation at report dates",
          "quote": "Fair Value of Assets Held in USDC Reserve is equal to or greater than",
          "url": "https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20March%2026.pdf",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "value": "Two instants per month at 11:59 pm UTC; management responsible for the report's completeness",
          "quote": "Circle Group is responsible for the completeness, accuracy and validity of the Report",
          "url": "https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2026/2026%20USDC_Examination%20Report%20March%2026.pdf",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "additionalQuote": "as of March 11, 2026, and March 31, 2026, at 11:59 pm Coordinated Universal Time"
        },
        "lag": {
          "absent": true,
          "trail": [
            "Circle USDC attestation report June 2026 Deloitte reserve report",
            "\"USDC_Examination Report\" 2026 July OR June hubspotusercontent"
          ],
          "note": "As-of dates observed (March 11 and 31, 2026); no publication date stated in any indexed text, so the lag is not assertable"
        },
        "cadence": {
          "value": "Monthly attestation; weekly reserve holdings disclosure with mint/burn flows",
          "quote": "USDC reserve holdings are fully disclosed on a weekly basis",
          "url": "https://www.circle.com/transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Yes: circulation compared against reserves",
          "quote": "confirming that USDC in circulation is fully backed",
          "url": "https://eco.com/support/en/articles/15182152-usdc-reserves-and-how-to-verify-them-in-2026",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "composition": {
          "value": "Circle Reserve Fund (USDXX), SEC-registered 2a-7 government MMF, approx. 88% of reserves; remainder cash at regulated banks; CUSIP-level detail",
          "quote": "the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund",
          "url": "https://www.circle.com/transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "2025 examination reports observed by file (March, September 2025); practitioner statement not tied to those specific files in indexed text",
          "quote": "2025 USDC_Examination Report September '25",
          "url": "https://6778953.fs1.hubspotusercontent-na1.net/hubfs/6778953/USDCAttestationReports/2025/2025%20USDC_Examination%20Report%20September%2025.pdf",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "jurisdiction": {
          "value": "MiCA-authorized via French EMI license passported EU-wide; pursuing OCC federal trust charter; AICPA standard under a US-plus-EU regime pair",
          "quote": "Circle's USDC and EURC hold MiCA authorization via a French EMI license",
          "url": "https://www.ccn.com/education/crypto/circles-stablecoin-crisis-mica-genius-act-usdc-global-model/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        }
      }
    },
    "usdp": {
      "name": "Paxos (USDP)",
      "issuerEntity": "Paxos Trust Company",
      "fields": {
        "practitioner": {
          "value": "KPMG LLP (reports on/after 2025-02-28); WithumSmith+Brown, PC before",
          "quote": "Attestation reports posted on or after February 28, 2025 are issued by KPMG LLP",
          "url": "https://www.paxos.com/usdp-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "standard": {
          "value": "Attestation standards established by the AICPA",
          "quote": "attestation standards established by the American Institute of Certified Public Accountants (AICPA)",
          "url": "https://www.paxos.com/usdp-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "AT-C 205 named only by third-party profiles"
        },
        "engagementType": {
          "value": "Examination",
          "quote": "KPMG LLP's examination is conducted in accordance with attestation standards",
          "url": "https://www.paxos.com/usdp-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "subjectMatter": {
          "value": "Reserves against circulating supply on the report date",
          "quote": "confirm that reserves equal or exceed circulating supply on the report date",
          "url": "https://eco.com/support/en/articles/12257594-what-is-usdp-stablecoin",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "value": "Monthly composition disclosures alongside attestations; a 2026 third-party profile claims monthly USDP reserve reports stopped, unverified",
          "quote": "no longer proactively provides monthly reserve reports for USDP",
          "url": "https://eco.com/support/en/articles/15192010-paxos-white-label-stablecoins-usdg-usdp-pyusd-busd-issuer-profile-2026",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "Third-party claim; no Paxos-language text confirms it; recorded as unresolved"
        },
        "lag": {
          "absent": true,
          "trail": [
            "Paxos attestation report \"June 2026\" OR \"July 2026\" USDP PYUSD published"
          ],
          "note": "Only generic timing observed: 'monthly reports, typically released two to three weeks after month-end' (spark.money)"
        },
        "cadence": {
          "value": "Monthly",
          "quote": "Monthly attestations are now performed by KPMG LLP",
          "url": "https://eco.com/support/en/articles/12257594-what-is-usdp-stablecoin",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Yes, per third-party description",
          "quote": "reserves equal or exceed circulating supply on the report date",
          "url": "https://eco.com/support/en/articles/12257594-what-is-usdp-stablecoin",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "composition": {
          "value": "Conflicting third-party accounts: with vs without Treasury-backed overnight reverse repos",
          "quote": "short-duration US Treasury bills, overnight Treasury-backed reverse repurchase agreements, and cash deposits",
          "url": "https://eco.com/support/en/articles/15192010-paxos-white-label-stablecoins-usdg-usdp-pyusd-busd-issuer-profile-2026",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "A second profile states only FDIC-insured bank cash plus T-bills under 90 days; unresolved without the primary report"
        },
        "drift": {
          "value": "Practitioner changed at 2025-02-28: WithumSmith+Brown to KPMG; standard language unchanged",
          "quote": "Attestation reports prior to February 28, 2025 were issued by WithumSmith+Brown, PC",
          "url": "https://www.paxos.com/usdp-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "jurisdiction": {
          "value": "NYDFS limited purpose trust; Dec 2025 approval to convert to OCC national trust charter; AICPA standard under a US regime",
          "quote": "New York-chartered limited purpose trust company, regulated under New York Banking Law",
          "url": "https://eco.com/support/en/articles/12257206-what-is-paxos-regulated-blockchain-infrastructure-stablecoins-explained",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        }
      }
    },
    "pyusd": {
      "name": "Paxos / PayPal (PYUSD)",
      "issuerEntity": "Paxos Trust Company (PayPal contracts Paxos)",
      "fields": {
        "practitioner": {
          "value": "KPMG LLP (on/after 2025-02-28); WithumSmith+Brown, PC before",
          "quote": "Attestation reports prior to February 28, 2025 were issued by WithumSmith+Brown, PC",
          "url": "https://www.paxos.com/pyusd-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "standard": {
          "value": "Attestation standards established by the AICPA",
          "quote": "conducted in accordance with attestation standards established by the American Institute",
          "url": "https://www.paxos.com/pyusd-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "engagementType": {
          "value": "Examination",
          "quote": "KPMG LLP's examination is conducted in accordance with attestation standards",
          "url": "https://www.paxos.com/pyusd-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "subjectMatter": {
          "value": "Value of PayPal USD reserve assets vs PYUSD in circulation",
          "quote": "public third-party attestation of the value of PayPal USD reserve assets",
          "url": "https://newsroom.paypal-corp.com/2023-08-07-PayPal-Launches-U-S-Dollar-Stablecoin",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "value": "Two documents monthly: a self-reported Reserve Report outside independent review, plus the attestation",
          "quote": "these reports have not been subjected to independent review",
          "url": "https://www.paxos.com/pyusd-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "additionalQuote": "Paxos publishes two distinctly different documents each month"
        },
        "lag": {
          "value": "Self-report five business days after month-end; attestation dates not stated for a specific 2026 report",
          "quote": "self-reports its portfolio composition 5 business days after month's end",
          "url": "https://www.paxos.com/pyusd-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "cadence": {
          "value": "Monthly",
          "quote": "reserve reports and attestations for PayPal USD published monthly",
          "url": "https://www.paxos.com/pyusd-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Yes: tokens outstanding against redeemable collateral",
          "quote": "$1,173,383,198, which is higher than the total tokens outstanding",
          "url": "https://www.bitget.com/news/detail/12560604997611",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "composition": {
          "value": "US dollar deposits, US Treasuries, cash equivalents",
          "quote": "100% in US dollar deposits, US treasuries and cash equivalents",
          "url": "https://www.paxos.com/pyusd",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "August 2025 attestation by KPMG; tokens outstanding grew from 1.17B (Aug 2025) to 2.64B (Oct 2025 report coverage)",
          "quote": "total tokens outstanding for PYUSD had risen to 2,638,336,904",
          "url": "https://www.bitget.com/news/detail/12560605030634",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "jurisdiction": {
          "value": "NYDFS trust charter; NYDFS described as approving KPMG's appointment; OCC conversion approved Dec 2025",
          "quote": "approved by Paxos' prudential regulator, the New York Statement Department of Financial Services",
          "url": "https://docs.paxos.com/stablecoin/usdp",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "Typo 'Statement' is verbatim in the indexed snippet"
        }
      }
    },
    "paxg": {
      "name": "Paxos (PAXG, gold)",
      "issuerEntity": "Paxos Trust Company",
      "fields": {
        "practitioner": {
          "value": "KPMG LLP (on/after 2025-02-28); WithumSmith+Brown, PC before",
          "quote": "KPMG took over the monthly attestation in February 2025, replacing WithumSmith+Brown",
          "url": "https://pharos.watch/stablecoin/paxg-paxos/",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "standard": {
          "value": "AICPA attestation standards",
          "quote": "issued by KPMG LLP under AICPA attestation standards",
          "url": "https://www.paxos.com/paxg-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "engagementType": {
          "value": "Examination",
          "quote": "KPMG LLP's examination is conducted in accordance with attestation standards",
          "url": "https://www.paxos.com/paxg-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "subjectMatter": {
          "value": "Allocated LBMA Good Delivery gold vs PAXG tokens; one token, one fine troy ounce",
          "quote": "one token represents one fine troy ounce of a London Good Delivery gold bar",
          "url": "https://www.cube.exchange/what-is/paxg",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "value": "Tokens outstanding vs troy ounces in custody; the separate allocation lookup tool excludes custodial-exchange holders",
          "quote": "the tool does not apply to tokens held through custodial exchanges",
          "url": "https://www.paxos.com/pax-gold",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "lag": {
          "absent": true,
          "trail": [
            "PAXG attestation gold reserve report 2026 gold bars allocated",
            "Paxos PAXG USDP attestation report latest \"as of\" date 2026 KPMG monthly transparency page"
          ],
          "note": "No as-of or publication date for a specific 2026 PAXG report surfaced in indexed text"
        },
        "cadence": {
          "value": "Monthly",
          "quote": "Paxos publishes monthly PAXG attestation reports",
          "url": "https://pharos.watch/stablecoin/paxg-paxos/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Yes: circulating tokens against verified gold quantity",
          "quote": "gold held is equal to or greater than the PAXG in circulation",
          "url": "https://pharos.watch/stablecoin/paxg-paxos/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "composition": {
          "value": "Bar-level: LBMA bars in Brink's London vaults, serial numbers via allocation lookup",
          "quote": "LBMA Good Delivery physical gold bars are allocated in Brink's London vaults",
          "url": "https://pharos.watch/stablecoin/paxg-paxos/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "Same practitioner boundary as the dollar tokens: Withum to KPMG at 2025-02-28",
          "quote": "attestations before February 28, 2025 were issued by WithumSmith+Brown",
          "url": "https://www.paxos.com/paxg-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "jurisdiction": {
          "value": "NYDFS-chartered trust issuing a gold token custodied in London; bankruptcy-remote custody stated",
          "quote": "bankruptcy-remote custody under Paxos Trust Company",
          "url": "https://pharos.watch/stablecoin/paxg-paxos/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        }
      }
    },
    "rlusd": {
      "name": "Ripple (RLUSD)",
      "issuerEntity": "Standard Custody (Ripple subsidiary)",
      "fields": {
        "practitioner": {
          "value": "Deloitte (since the August 2025 monthly report; predecessor never named in indexed text)",
          "quote": "monthly reserve reports conducted by the independent third-party accounting firm, Deloitte",
          "url": "https://ripple.com/products/stablecoin/transparency/",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "standard": {
          "value": "Attestation standards established by the AICPA; no section number surfaced",
          "quote": "adhere to the attestation standards established by the American Institute of Certified Public Accountants",
          "url": "https://docs.ripple.com/products/stablecoin/overview/rlusd",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "engagementType": {
          "absent": true,
          "trail": [
            "Ripple RLUSD attestation report accounting firm monthly reserve 2026",
            "RLUSD attestation report May 2026 reserve composition Treasury bills cash",
            "RLUSD attestation report July 2026 Deloitte circulation reserves billion"
          ],
          "note": "Indexed text says a CPA performs monthly attestations and never states examination, review, or AUP; the assurance level is unstated in everything indexed",
          "state": "absent"
        },
        "subjectMatter": {
          "value": "Management's assertions on RLUSD in circulation plus reserve composition",
          "quote": "assertions regarding the amount of RLUSD in circulation, along with information pertaining to the composition",
          "url": "https://docs.ripple.com/products/stablecoin/overview/rlusd",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "absent": true,
          "trail": [
            "RLUSD attestation report May 2026 reserve composition Treasury bills cash",
            "RLUSD attestation report 2025 Deloitte September OR August RLUSD reserves"
          ],
          "note": "No stated exclusions surfaced in indexed text"
        },
        "lag": {
          "value": "As of 2026-02-27 figures appear in coverage dated 2026-03-31; publication dates not stated",
          "quote": "As of February 27, 2026, RLUSD held $1.568 billion in reserves against 1.495 billion tokens",
          "url": "https://thecryptobasic.com/2026/03/31/deloitte-confirms-ripple-1-49b-rlusd-supply-fully-backed-with-1-57b-reserves/",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "Roughly one month by article dates; inference from press dates, not a stated lag"
        },
        "cadence": {
          "value": "Monthly",
          "quote": "Independent attestations of the reserves are published monthly by Deloitte",
          "url": "https://eco.com/support/en/articles/12005568-rlusd-ripple-s-regulated-usd-stablecoin-explained",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Yes: circulation is part of the asserted subject matter",
          "quote": "management's assertions regarding the amount of RLUSD in circulation",
          "url": "https://docs.ripple.com/products/stablecoin/overview/rlusd",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "composition": {
          "value": "US dollar deposits, short-term T-bills, cash equivalents, segregated; one page states reserves at least 103% of circulation",
          "quote": "US dollar deposits, short-term US Treasury bills, and cash equivalents in segregated accounts",
          "url": "https://eco.com/support/en/articles/12005568-rlusd-ripple-s-regulated-usd-stablecoin-explained",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "Practitioner changed to Deloitte at the August 2025 report; predecessor unnamed in indexed text; reserves grew from $0.77B (late Sep 2025) to $1.57B (Feb 2026)",
          "quote": "The August RLUSD monthly independent attestation was issued by Deloitte & Touche LLP",
          "url": "https://u.today/first-deloitte-backed-ripple-usd-rlusd-attestation-goes-live",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "jurisdiction": {
          "value": "NYDFS limited purpose trust; DFSA-recognized in Dubai; OCC national trust application observed",
          "quote": "chartered and supervised by NYDFS as a limited purpose trust company",
          "url": "https://eco.com/support/en/articles/12005568-rlusd-ripple-s-regulated-usd-stablecoin-explained",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        }
      }
    },
    "fdusd": {
      "name": "First Digital (FDUSD)",
      "issuerEntity": "FD121 Limited (Hong Kong)",
      "fields": {
        "practitioner": {
          "value": "Prescient Assurance",
          "quote": "monthly reserve attestations through the audit firm Prescient Assurance",
          "url": "https://eco.com/support/en/articles/15276700-fdusd-reserves-and-backing-2026-what-actually-backs-it",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "standard": {
          "value": "Attestation standards established by the AICPA",
          "quote": "in accordance with attestation standards established by the American Institute of Certified Public Accountants",
          "url": "https://eco.com/support/en/articles/15276700-fdusd-reserves-and-backing-2026-what-actually-backs-it",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "No AT-C section number stated in indexed text"
        },
        "engagementType": {
          "value": "Examination (evidence is the February 2025 report's snippet; 2026 reports' type not separately evidenced)",
          "quote": "planning and performing examinations to obtain reasonable assurance about whether management's assertions",
          "url": "https://cdn.prod.website-files.com/675ab99bf1f7ea944d49a55b/67e12b28b3f2b0d908a162bc_fdusd-attestation-2025-02-28-67dcd1b781dea.pdf",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "examined"
        },
        "subjectMatter": {
          "value": "Reserve Accounts Report of FD121 Limited; full backing of circulation",
          "quote": "entire supply of FDUSD stablecoins in circulation is consistently fully supported",
          "url": "https://www.firstdigitallabs.com/transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "value": "Point-in-time attestations rather than full financial audits",
          "quote": "point-in-time attestations rather than full financial audits",
          "url": "https://eco.com/support/en/articles/15276700-fdusd-reserves-and-backing-2026-what-actually-backs-it",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "lag": {
          "value": "January 2026 report released 2026-02-19; June 2026 report exists, dates unstated",
          "quote": "The January 2026 report, released February 19, 2026",
          "url": "https://eco.com/support/en/articles/15276700-fdusd-reserves-and-backing-2026-what-actually-backs-it",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "cadence": {
          "value": "Monthly",
          "quote": "Independent attestation reports are published monthly",
          "url": "https://www.firstdigitallabs.com/transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Yes: tokens outstanding against net reserve assets",
          "quote": "$456.1 million in tokens outstanding against $457.9 million in net reserve assets",
          "url": "https://eco.com/support/en/articles/15276700-fdusd-reserves-and-backing-2026-what-actually-backs-it",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "composition": {
          "value": "Category percentages: T-bills ~85%, overnight reverse repos 10-12%, bank cash 3-5%",
          "quote": "short-dated US Treasury bills (roughly 85%), overnight reverse repurchase agreements",
          "url": "https://eco.com/support/en/articles/15276700-fdusd-reserves-and-backing-2026-what-actually-backs-it",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "Same practitioner year over year; April 2025 attestation followed public insolvency claims",
          "quote": "carried out by independent auditing firm Prescient Assurance",
          "url": "https://cdn.prod.website-files.com/675ab99bf1f7ea944d49a55b/67e12b28b3f2b0d908a162bc_fdusd-attestation-2025-02-28-67dcd1b781dea.pdf",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "jurisdiction": {
          "value": "Hong Kong issuer and AMLO-licensed trust custodian; AICPA standard under a Hong Kong regime",
          "quote": "licensed Trust or Company Service Provider under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance",
          "url": "https://www.firstdigitallabs.com/transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        }
      }
    },
    "buidl": {
      "name": "BlackRock BUIDL (bridge row)",
      "issuerEntity": "BlackRock USD Institutional Digital Liquidity Fund Ltd. (BVI)",
      "fields": {
        "practitioner": {
          "value": "PricewaterhouseCoopers LLP as fund auditor (annual audit); Chronicle and RedStone publish on-chain data 'attestations'",
          "quote": "PricewaterhouseCoopers LLP has been appointed as the Fund's auditor",
          "url": "https://www.stocktitan.net/news/BLK/black-rock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-u1gqppflov4h.html",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "self-reported",
          "stateNote": "For the attestation dimension: the artifacts called attestations are oracle publications, not practitioner engagements; the audit is a separate annual artifact"
        },
        "standard": {
          "absent": true,
          "trail": [
            "BlackRock BUIDL fund auditor annual report PwC 2026",
            "\"BUIDL\" attestation transparency 2025 auditor \"Proof of Reserve\" OR \"PwC\" annual audit tokenized fund"
          ],
          "note": "No assurance standard stated in any indexed text for either the audit or the on-chain publications"
        },
        "engagementType": {
          "value": "Annual fund audit plus continuous oracle publications; no CPA attestation stream",
          "quote": "publishing attestations covering valuation, composition, custody, and asset existence",
          "url": "https://www.businesswire.com/news/home/20260326402329/en/BUIDL-tokenized-by-Securitize-is-now-verified-onchain-by-Chronicle-Proof-of-Asset",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "The quoted 'attestations' are Chronicle Proof of Asset oracle publications",
          "state": "self-reported"
        },
        "subjectMatter": {
          "value": "Oracle layer: valuation, composition, custody verification, data freshness; daily NAV on-chain",
          "quote": "valuation, asset composition, custody verification, and data freshness",
          "url": "https://cryptonews.com/news/blackrock-buidl-fund-chronicle-verification-layer/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "value": "No indexed text states any party reconciles on-chain token supply to fund share records",
          "quote": "Securitize, an SEC-registered transfer agent, maintains BUIDL's ownership records on-chain",
          "url": "https://eco.com/support/en/articles/15254013-buidl-deep-dive-2026",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "'Each token equals one share' is issuer architecture, not third-party reconciliation"
        },
        "lag": {
          "value": "Daily NAV attestations on-chain; audit period stated as ending December 31, 2024",
          "quote": "powering daily onchain NAV attestations and yield payouts",
          "url": "https://blog.redstone.finance/2026/07/30/redstone-powers-buidl-expansion-on-tempo/",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "cadence": {
          "value": "Daily (oracle); annual (audit)",
          "quote": "the Fund's auditor for the period ending December 31, 2024",
          "url": "https://www.stocktitan.net/news/BLK/black-rock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-u1gqppflov4h.html",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "absent": true,
          "trail": [
            "BUIDL daily NAV per share Securitize transfer agent token supply reconciliation shares 2025"
          ],
          "note": "Token-supply-to-share reconciliation by any third party: not stated anywhere indexed"
        },
        "composition": {
          "value": "Fund of cash, US Treasury bills, repurchase agreements; BNY Mellon custodian/administrator",
          "quote": "Bank of New York Mellon serves as the custodian of the Fund's assets",
          "url": "https://www.fintechfutures.com/press-releases/blackrock-launches-its-first-tokenized-fund-buidl-on-the-ethereum-network",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "Aug 2025: RedStone NAV oracle in place; Chronicle Proof of Asset verification added March 2026",
          "quote": "BUIDL tokenized by Securitize is now verified onchain by Chronicle Proof of Asset",
          "url": "https://www.businesswire.com/news/home/20260326402329/en/BUIDL-tokenized-by-Securitize-is-now-verified-onchain-by-Chronicle-Proof-of-Asset",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "jurisdiction": {
          "value": "BVI-incorporated fund offered under Reg D; a fund-law regime, not a stablecoin regime",
          "quote": "shares in a fund incorporated in the British Virgin Islands",
          "url": "https://stomarket.com/sto/blackrock-usd-institutional-digital-liquidity-fund-buidl",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        }
      }
    },
    "ousg": {
      "name": "Ondo OUSG (bridge row)",
      "issuerEntity": "Ondo I LP (as stated; a conflicting summary says Cayman LP)",
      "fields": {
        "practitioner": {
          "absent": true,
          "trail": [
            "\"OUSG\" fund auditor name \"audited by\" annual financial statements Ondo",
            "OUSG NAV administrator auditor as stated NAV Consulting Ernst Young",
            "Ondo OUSG audit attestation report 2026"
          ],
          "note": "An annual audit is asserted; the auditor is never named in anything indexed. NAV Consulting is named as administrator; Ankura Trust attribution to OUSG is unconfirmed aggregator text",
          "state": "absent"
        },
        "standard": {
          "absent": true,
          "trail": [
            "Ondo OUSG audit attestation report 2026",
            "\"OUSG\" fund auditor name \"audited by\" annual financial statements Ondo"
          ],
          "note": "No assurance standard stated in any indexed text"
        },
        "engagementType": {
          "value": "Daily administrator-produced financials plus annual audit with unnamed auditor",
          "quote": "Qualified Access Funds are audited annually, with results provided to investors",
          "url": "https://docs.ondo.finance/qualified-access-products/ousg/trust-and-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "state": "self-reported",
          "stateNote": "Daily reporting is administrator-produced; the annual audit's practitioner and standard are unstated"
        },
        "subjectMatter": {
          "value": "Daily full fund financials and independently calculated NAV; monthly yield disclosures",
          "quote": "publish the full set of financials created by NAV Consulting on a daily basis",
          "url": "https://docs.ondo.finance/qualified-access-products/ousg/trust-and-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "scope": {
          "value": "Administrator has direct read-only daily account access; Ondo reconciles NAV before publishing",
          "quote": "direct, read-only access to all of the Fund's accounts daily",
          "url": "https://docs.ondo.finance/qualified-access-products/ousg/trust-and-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "lag": {
          "value": "Public reporting described with a standard three-day lag",
          "quote": "a standard three-day lag",
          "url": "https://docs.ondo.finance/qualified-access-products/ousg/trust-and-transparency",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "cadence": {
          "value": "Daily financials; monthly transparency report; annual audit",
          "quote": "Yield disclosures are published in the Ondo monthly transparency report",
          "url": "https://eco.com/support/en/articles/15254014-ousg-deep-dive-2026-ondo-s-short-treasury-fund",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "liabilities": {
          "value": "Reconciliation-type claims exist only in aggregator text with no practitioner named",
          "quote": "independent auditors to reconcile token and off-chain records",
          "url": "https://blockonomi.com/inside-ondo-finance-how-ousg-and-usdy-tokenize-us-treasuries-through-distinct-legal-frameworks",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "Recorded as unconfirmed; Ondo's own indexed text does not state on-chain-supply-to-share reconciliation for OUSG"
        },
        "composition": {
          "value": "Roughly $625M AUM as of Q1 2026; portfolio held substantially via BUIDL after a 2024 migration",
          "quote": "As of Q1 2026 OUSG carries roughly $625M in assets under management",
          "url": "https://eco.com/support/en/articles/15254014-ousg-deep-dive-2026-ondo-s-short-treasury-fund",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        },
        "drift": {
          "value": "Daily attestation viewability dated by one aggregator to October 1, 2025",
          "quote": "daily attestations can be viewed online beginning October 1, 2025",
          "url": "https://www.mexc.com/learn/article/is-ondo-finance-safe-security-compliance-and-institutional-custody-analysis/1",
          "accessed": "2026-08-15",
          "channel": "search-observed",
          "note": "Aggregator attribution; unconfirmed against Ondo's own text"
        },
        "jurisdiction": {
          "value": "Stated as Delaware LP under 3(c)(7) with Rule 506(c); a conflicting summary described a Cayman LP; both recorded",
          "quote": "relies on Rule 506(c) of Regulation D for its offering",
          "url": "https://blockonomi.com/inside-ondo-finance-how-ousg-and-usdy-tokenize-us-treasuries-through-distinct-legal-frameworks",
          "accessed": "2026-08-15",
          "channel": "search-observed"
        }
      }
    }
  },
  "cellCount": 99,
  "absentCount": 9
}