AICPA announces new accounting standards for stablecoins: issuers must clearly reconcile assets and tokens, and any misappropriation of reserves must be disclosed.

To address the long-standing transparency issues in the stablecoin market, the American Institute of Certified Public Accountants (AICPA) has released the "2025 Stablecoin Reporting Standards," which establishes a specific disclosure framework for stablecoins "backed by fiat assets" for the first time. This standard covers the number of redeemable Tokens in circulation, the composition of corresponding assets, and whether both parties achieve a 1:1 reserve, providing a verifiable information framework for auditors and investors.

Which tokens are considered "exchangeable"? AICPA requires clear classification.

The new guidelines require stablecoin issuers to clearly disclose the classification and circulation status of various Tokens. The report categorizes Tokens into three main types:

Convertible Token: Can be exchanged immediately for an equivalent fiat currency according to the contract terms.

Temporarily non-exchangeable Tokens: such as time-locked Tokens that have not been unlocked and coins in temporarily restricted accounts.

Perpetually non-exchangeable Tokens: including test coins, permanently frozen tokens, etc.

The issuer needs to start from the "actual minted quantity" on the blockchain, deduct the aforementioned non-redeemable types, and estimate the amount of stablecoins that are truly circulating in the market and can be redeemed, as well as disclose the relevant blockchain addresses and smart contract information for public verification.

The composition of redeemable assets must be specifically disclosed: cash, U.S. Treasury bonds, and information about the holders must be explained together.

In the asset disclosure section, the guidelines require the issuer to comprehensively explain the reserve content supporting the stablecoin, covering the following key points:

Asset types: cash, cash equivalents, money market funds, short-term U.S. Treasury bills, repurchase agreements, etc.

Holder identity and jurisdiction: It is necessary to disclose which type of financial institution holds the assets, the country in which it is located, and what kind of regulation it is under.

Is the asset pledged or restricted for other purposes?

Account nature: For example, whether it is a dedicated account (custodial) and whether it has bankruptcy isolation protection.

This information will help investors determine whether assets can be quickly accessed and not be constrained by legal or financial risks in the event of large-scale redemption demands.

1:1 reserve and time discrepancy: Audit mechanism first included in the guidelines

The third part of the report clearly states that the issuer should disclose the comparison between the total amount of redeemable Tokens and the total amount of reserve assets, and answer a core question: "Is a 1:1 backing maintained?"

According to the guidelines, if the issuer's terms explicitly state that each stablecoin should be backed by one dollar of reserve assets, then a third-party auditor must verify this, disclosing whether the assets are sufficient and explaining any potential situations that could lead to a surplus or shortfall.

In addition, the report also calls for the disclosure of the specific amounts and reasons for the "time lag" and "temporary differences," including:

Tokens that have been paid for but not yet minted.

Request for funds that have been redeemed but not yet disbursed.

Due to account restrictions or technical issues, exchange is temporarily unavailable.

This information must be included in the report and disclose whether the processing time has exceeded the limits allowed by the issuer's terms, ensuring the public understands that these differences are "temporary" and not systemic risks.

Can assets be misappropriated? AICPA requires "disclosure of authority," but does not directly prohibit it.

It is worth noting that the report does not prohibit stablecoin issuers from using reserve assets, such as for repurchase agreements, lending, re-staking, and other operations. On the contrary, the AICPA emphasizes "honest disclosure of asset usage rights and restrictions."

According to the guidelines, the issuer must disclose whether they have the rights to transfer, sell, lend, or re-pledge the assets, as well as whether the assets can only be used to redeem tokens. Additionally, it is required to specify what type of account the assets are held in, whether there is bankruptcy isolation, whether insurance has been purchased, or whether they have been used as collateral.

This means that as long as the information is fully disclosed, market participants can make judgments based on their own risk tolerance. For some issuers, this provides operational flexibility; for investors and auditing institutions, this serves as a mirror to reveal the truth.

AICPA guidelines are not mandatory regulations, but they may serve as a basis for auditing.

Although this guideline does not yet have legal effect, its design clearly corresponds to the U.S. auditing standards (AT-C Section 205), which means that in the future, stablecoin companies that accept third-party audits will likely have to operate according to this standard.

AICPA also recommends that issuers incorporate the content of the standards when establishing terms and operating rules to reduce legal and reputational risks.

Industry observers point out that although AICPA standards do not have regulatory power, they may become the basis for future legislation by U.S. regulatory agencies. If stablecoin issuers like Circle, which issues USDC, or Tether, which is actively moving towards compliance, adopt these standards first, it will help enhance market trust.

The article AICPA announces new accounting standards for stablecoins: Issuers' assets and tokens must be clearly reconciled, and any misappropriation of reserves must be disclosed. First appeared on Chain News ABMedia.