Trust
Proof of reserves.
Proof of reserves is a useful transparency tool — and one that is often presented as more than it is. The framework below describes what we attest to, how often, what an attestation does and does not prove, and what we recommend pairing it with for a complete picture of solvency.
What we attest to
- On-chain balances held at the multi-signature treasury at the attestation timestamp
- Composition of the reserves sleeve by instrument type
- Aggregate exposure to each strategy bucket
- Outstanding depositor liabilities at the same timestamp
What it does not prove
- Solvency between attestations — point-in-time only
- Operational controls or the strength of governance
- The recoverability of counterparty exposures
- That liabilities have not been understated through off-balance-sheet arrangements