AICPA issues exposure draft on reporting framework for stablecoins

On December 4, the AICPA Assurance Services Executive Committee issued an exposure draft to propose criteria for the reporting on the sufficiency of assets for redemption (e.g., cash, cash equivalents, other assets) specific to asset-backed tokens pegged to a fiat currency (commonly referred to as “stablecoins”). The exposure draft addresses three primary topics along with related disclosures:

• Issuer’s redeemable tokens outstanding

• Redemption assets available to redeem tokens outstanding

• Comparison of the balance of redemption assets available to redeem tokens and the issuer’s redeemable tokens outstanding

Comments on the proposed framework are due by January 29.
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