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 leading digital asset accounting and auditing firm, The Network Firm, to conduct monthly attestations and verify that the entire supply of issued tokens is consistent with assets held in a collateral account managed by our regulated trustee/custodian, Prime Trust. Prime Trust holds all customer fiat funds at FDIC-insured banks. For more information about Prime Trust banking relationships, click here.
The Network Firm conducts attestations for the USDS stablecoin collateral account for the previous month at the start of every month. Every attestation that has been published since the launch of USDS can be viewed below. Prior to working with The Network Firm (Feb 2023), attestation services were provided by Cohen & Co.
Prime Trust is a Nevada state-chartered trust company and qualified custodian who manages the USDS stablecoin collateral account for the benefit of verified token holders who are considered legal trust beneficiaries. Although Stably is the trustor, we are not entitled to the collateral account’s assets. Additionally, all collateral assets held by Prime Trust are separated from its own assets and liabilities. Stably is not a bank and does not handle customer fiat funds at any time.