AICPA releases new stablecoin accounting standards: Issuer assets and tokens must be clearly reconciled, and whether reserves have been misappropriated must be disclosed

To address the long-standing transparency issues in the stablecoin market, the American Institute of Certified Public Accountants (AICPA) published the "2025 Stablecoin Reporting Criteria", which for the first time establishes specific disclosure standards for stablecoins "backed by fiat assets". This criteria covers the number of circulating exchangeable tokens, asset composition, and whether a 1:1 reserve has been achieved, providing an verifiable information framework for auditors and investors.

Which Tokens Are Considered "Exchangeable"? AICPA Requires Clear Classification

The new criteria require stablecoin issuers to clearly disclose the classification and circulation status of different tokens. The report categorizes tokens into three main types:

• Exchangeable Tokens: Immediately convertible to equivalent fiat currency according to contract terms.

• Temporarily Non-Exchangeable Tokens: Such as time-locked tokens not yet unlocked, or tokens in temporarily restricted accounts.

• Permanently Non-Exchangeable Tokens: Including test tokens, permanently frozen tokens, etc.

Issuers need to start from the "actual minted quantity" on the blockchain, subtract the above non-exchangeable types, and calculate the truly circulating and exchangeable stablecoin quantity, and disclose related blockchain addresses and smart contract information for public verification.

[The rest of the translation follows the same professional and accurate approach, maintaining the structure and meaning of the original text.]

AICPA Standards Are Not Mandatory Regulations, But May Serve as Audit Basis

Although these standards do not currently have legal force, they are specifically designed to align with the American Institute of Certified Public Accountants (AT-C Section 205), which means that stablecoin companies undergoing third-party audits will likely need to operate according to these standards in the future. AICPA also recommends that issuers incorporate these standards into their terms and operational rules to reduce legal and reputational risks. Industry observers note that while AICPA standards lack regulatory power, they may become the foundation for future U.S. regulatory legislation. Stablecoin issuers like Circle (USDC) or Tether, who are actively moving towards compliance, will likely enhance market trust by adopting these standards.

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With the EU formally implementing the MiCA regulation last year, crypto exchanges have been progressively achieving local compliance. Kraken recently announced obtaining a MiCA license from the Irish Central Bank, enabling the platform to provide legal digital asset services to 30 countries in the European Economic Area, signaling that Europe is becoming a new compliance battleground for crypto companies.

Kraken Leads the Way: Securing MiCA, MiFID, and EMI European Licenses

The U.S.-based crypto exchange Kraken announced that it has received a MiCA permit from the Irish Central Bank, allowing it to offer crypto asset trading, payment, and asset management services to 30 member states within the European Economic Area (EEA). This development makes Kraken one of the few crypto platforms with comprehensive EU authorization. This MiCA license is a crucial piece of Kraken's European expansion strategy. Previously, the company obtained Electronic Money Institution (EMI) licenses from the UK FCA and Irish Central Bank in 2023 and March this year, and secured a Markets in Financial Instruments Directive (MiFID) permit in February. Co-CEO Arjun Sethi stated: "Trust is the most valuable currency in the crypto industry, and we have always been committed to achieving the gold standard in the European region."

MiCA Becomes the Primary Compliance Battlefield for Exchanges, Platforms Accelerate License Acquisition

Kraken is not the only exchange obtaining a MiCA license. With the crypto regulatory act officially taking effect last year, securing licenses has become the top priority for European crypto enterprises. Current progress includes: - Coinbase has obtained licenses in Germany and Ireland - OKX, Bybit, and Crypto.com announced MiCA registration completion this year - Gemini is reportedly applying in Malta The introduction of MiCA symbolizes the EU's first unified digital asset regulatory system, covering stablecoins, crypto asset issuance, and trading platform operations, aimed at increasing market transparency, user protection, and reducing regulatory arbitrage.

Tether Refuses Compliance, Opts for Indirect Investment Participation

According to MiCA regulations, stablecoins must submit comprehensive asset reserve proof and undergo regulatory review. Not all crypto companies are willing to comply. USDT issuer Tether publicly stated it will not apply for MiCA registration, causing platforms like Kraken and Crypto.com to delist USDT. With USDT's market cap shrinking by nearly 3% (over $4 billion), Tether has chosen to invest in European euro stablecoins like EURQ from Quantoz Payments and EURR and USDR from StablR, indirectly participating in the EU market.

Optimistic About US Regulation Clarity, Kraken Actively Prepares for IPO

While actively expanding in Europe, Kraken is also adjusting its US strategy. Last week, it announced relocating its global headquarters to Wyoming, a state known for its crypto-friendly policies and supportive regulatory environment.

With the US president and SEC becoming increasingly open to the crypto industry, local crypto companies' IPO news has been emerging like mushrooms after rain. Observing the impressive performance of stablecoin issuer Circle's listing, going public on US stocks has become a new goal for crypto exchanges.

Kraken is no exception. From streamlining organizational structure to acquiring derivatives trading platforms to expand its product line, these moves undoubtedly pave the way for a smooth US listing.

(Regulatory Relaxation Triggers Crypto Exchange IPO Wave: Who Can Replicate CRCL's Gains and Become the Next Multibagger?)

Compliance or Exit, Exchanges Must Choose a Side

Kraken obtaining the Irish MiCA license not only confirms the EU regulatory system but also reveals that the next stage of crypto market competition will focus on "compliance capabilities". As regulations in various countries become clearer, exchanges willing to proactively comply are gaining policy dividends and user trust, while players resisting regulations will seek alternative solutions.