The 2025 Criteria for the Presentation and Disclosure of Redeemable Tokens Outstanding and the Availability of Assets for Redemption: Specific to Asset-Backed Fiat-Pegged Tokens (the criteria) were established by the Assurance Services Executive Committee (ASEC) of the AICPA for use when reporting on the following, at a specific measurement point in time (collectively, the subject matter):
- Presentation and disclosure of the token issuer’s redeemable tokens outstanding and related information
- Presentation and disclosure of the redemption assets available for redeemable tokens outstanding and related information
- Presentation and disclosure of the comparison of the redemption assets available for redeemable tokens outstanding and the token issuer’s redeemable tokens outstanding, and related information of the comparison
Why are these presentation and disclosure criteria needed?
No common framework or criteria exist for evaluating the previously mentioned subject matters for fiat- pegged tokens. This results in inconsistencies among token issuers in the presentation and disclosure of redeemable tokens outstanding and the redemption assets available that back those tokens. The result is that stakeholders, such as token holders and regulators, do not have transparency regarding the redemption assets available to cover redemption requests.
These criteria were developed to provide a common framework to token issuers and other stakeholders for reporting on information about tokens. These criteria are designed to eliminate inconsistencies in presentation and disclosures of redeemable tokens outstanding and the redemption assets available for all stakeholders. Token issuers may leverage these criteria when developing their terms, which would provide transparency to stakeholders regarding the redeemable tokens outstanding as well as the redemption assets available.
Who can use these presentation and disclosure criteria?
- These criteria can be used to assist token issuers in presenting and disclosing the redeemable tokens outstanding and the redemption assets available specific to asset-backed fiat-pegged tokens. Token issuers may use the criteria to present the redeemable tokens outstanding, redemption assets, and the comparison of the two, based on the token issuer’s terms, and disclose relevant information to stakeholders.
- These criteria may also be used by a practitioner reporting on management’s assertions during an attestation engagement performed in accordance with the AICPA Statements on Standards for Attestation Engagements (commonly known as the attestation standards and codified in AT-C sections in AICPA Professional Standards) (for example, AT-C section 205, Assertion-Based Examination Engagements). In such an engagement, the practitioner uses these criteria when performing procedures and when issuing a report relevant to evaluating management’s assertions.
https://www.aicpa-cima.com/resources/download/stablecoin-reporting-criteria
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