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JPMorgan (biggest US lender) seems to be a pretty good example of how banks answer this question. This is its audited balance sheet that also gives extensive accounting notes.pic.twitter.com/V4tByOSUIO
Audited statements are definitely the goal. For now, we, along with other major industry participants, are providing regular attestations as to our reserves, subject to full assurance procedures, which are robust. The industry is making good progress and will continue to.
Sending an excel spreadsheet to a shady Cayman Islands accountant and paying them to rubber-stamp it is not generally accepted as a robust assurance procedure.
This has been the states “goal” for like … how many years now? Fact is, if you wanted one you’d have one and all the material issues would be disclosed. Ask the other USD stablecoin issuers if they have an audit (they do) and ask their regulators what they invest in.
That’s a fair ambition. But it’s misleading to imply banks aren’t clear about what they do with your cash. Also in many countries, deposits are insured up to a certain amount & these companies are tightly regulated.
Also a genuine q re your point above: if I understand right, the reserves doc (pie charts) were not subject to attestation & the attestations give v high level data on consolidated assets/liabilities. Why not subject the breakdowns to that kind of assurance as well?
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