Attestation Report

A periodic third-party statement — typically monthly, performed by a CPA firm — confirming that a stablecoin issuer's reserves at a specific point in time meet or exceed the circulating supply of tokens. An attestation is *not* an audit: it examines reserves at a single moment using management-supplied data, makes no opinion on internal controls, and does not validate the long-term solvency or composition risk of the reserves. Both USDC (Circle) and USDT (Tether) publish attestations rather than full audits. The distinction matters because attestations cannot detect intra-period reserve shortfalls or asset-quality problems.