Stably recognizes that stablecoins require a high standard of public transparency for consumers and businesses to build trust. As a result, we have engaged with a nationally top-ranking accounting firm, a stablecoin attestator, to conduct monthly attestations and verify that the entire supply of issued tokens is consistent with assets held in reserve accounts managed by our regulated trustee partners. Users may also view a live report of the reserve accounts via our partners’ APIs when they open a Stably account.
This stablecoin attestator provides attestations on our reserve on the last day of every month. Every attestation that has been published since the launch of USDS can be viewed below.
At Stably, the security of our clients’ sensitive data is the lifeblood of our business. We take data security very seriously, both when the data is in transit and at rest on our servers. Stably and our partners use data encryption on all connections when receiving as well as sending data and all data is stored securely in our encrypted cloud servers. All of our smart contracts were also thoroughly audited by leading smart contract security firms such as Quantstamp, Security Innovation and CoinMercenary before official deployment. Our financial institution partners are also heavily regulated and audited by external firms to give you the transparency and peace of mind that you deserve. With us, you can only expect the highest standards of security controls.
The USD collateral for USDS is held in a trust managed by our regulated partner Prime Trust, a Nevada state-chartered trust company and SEC-qualified custodian, for the benefit of verified USDS holders who are legal trust beneficiaries.
Prime Trust holds all USD funds as cash in their accounts at secured USD custodian banks. We do not invest our stablecoin’s collateral reserve.
Although Stably is the trustor, we are not entitled to the trust’s assets. Additionally, all trust assets held by a qualified custodian are bankruptcy-remote.
Stably and Prime Trust work together with a stablecoin attestator, a leading US stablecoin auditor to independently conduct monthly attestations and monitor real-time balances at Prime Trust to ensure USDS is always backed 1-to-1.