At Concoin, we follow the Stablecoin Transparency Act; 2022 Senate Bill ('SB') 3970. This is a law stating that a Stablecoin issuer is to hold all reserves associated with each fiat currency-backed Stablecoin they issue in (1) certain government securities, (2) fully collateralized security repurchase agreements, or (3) U.S. dollars or other nondigital currency.
A fiat currency-backed Stablecoin is a type of digital asset that has been backed by a nondigital currency, thus making it redeemable on a one-to-one basis in that currency.
Each Stablecoin issuer must publish a report to their website on a monthly basis that details the reserves held by the issuer that has been audited by an impartial third party.
Total (US&ON) Authorized 100,000