AICPA proposes controls framework for stablecoin issuers

The AICPA’s Assurance Services Executive Committee (ASEC) issued an exposure draft Thursday featuring a framework of controls to support stablecoin issuers.

ASEC requests comments by Aug. 11 on Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens. Comments should be emailed to Di Krupica, CPA, senior manager–Digital Assets for the Association of International Certified Professional Accountants, at StablecoinED@aicpa-cima.com.

The AICPA developed the framework after identifying a need for criteria to evaluate whether controls are suitably designed and operating effectively to achieve the control objectives of token operations over a specified period of time.

The proposed criteria are designed to be used in connection with 2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens, issued in March. In the new exposure draft, the previously issued criteria are presented as “Part I” to provide context, with the newly proposed criteria presented as “Part II.” ASEC is not seeking comments specific to Part I.

The proposed criteria are divided into the following control areas:

• Token generation and management;
• Client onboarding and maintenance;
• Customer transaction processing;
• Key and backup management;
• Redemption asset management;
• Vendor management;
• Reporting; and
• IT general controls.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.