Company Overview
Client Profile
- • US-regulated stablecoin issuer
- • $450M in circulating supply
- • Backed 1:1 by USD reserves
- • Issued on Ethereum and Polygon
Regulatory Requirements
- • Monthly third-party attestations
- • Real-time proof of reserves
- • Public transparency reports
- • GENIUS Act preparation
The Challenge
Before Veria, the issuer relied on a traditional Big Four accounting firm for monthly attestations. The process was expensive, slow, and opaque:
Problems
- Costly: $25,000 per monthly attestation ($300K/year)
- Slow: 7-10 business days from data submission to report
- Manual: Required staff to compile bank statements, reconcile balances
- Opaque: Users had to trust monthly PDFs without real-time proof
Impact on Business
- Competitive disadvantage vs. issuers with real-time attestations
- Users demanded more frequent transparency updates
- Staff spent 40+ hours/month preparing attestation data
- Regulatory pressure for GENIUS Act compliance (real-time reserves)
Veria's Automated Attestation Solution
Bank Account Integration
Veria connects to the issuer's custodian bank accounts (via Plaid or direct API) and continuously monitors USD reserve balances in real-time.
On-Chain Circulation Tracking
Veria monitors the stablecoin's smart contracts on Ethereum and Polygon to track total circulating supply in real-time. Uses archive nodes for historical verification.
Automated Reconciliation
Every hour, Veria compares USD reserve balances to on-chain circulation. Generates attestation report confirming reserves ≥ circulating supply (1:1 backing verified).
Blockchain Proof Publication
Veria publishes cryptographic proofs (merkle roots) to a smart contract on Ethereum, creating immutable, publicly-verifiable attestations. Users can verify reserves at any time.
Regulatory Reporting
Monthly, Veria generates a PDF attestation report (signed by Veria's licensed auditor) that meets regulatory requirements for state banking authorities and SEC filings.
┌─────────────────────────────────────────────────────┐
│ Issuer's Bank Accounts (USD Reserves) │
│ ├─ Bank of America Business Account │
│ ├─ State Street Custody Account │
│ └─ Total: $452,847,293.12 │
└─────────────┬───────────────────────────────────────┘
│ (Plaid API)
│
┌─────────────▼───────────────────────────────────────┐
│ Veria Attestation Engine │
│ ├─ Reserve Balance Monitor (real-time) │
│ ├─ On-Chain Circulation Tracker │
│ │ ├─ Ethereum: 295,423,847 tokens │
│ │ └─ Polygon: 157,293,102 tokens │
│ │ Total: 452,716,949 tokens │
│ │ │
│ ├─ Reconciliation Logic │
│ │ ├─ Reserves: $452,847,293.12 │
│ │ ├─ Circulation: 452,716,949 tokens │
│ │ └─ Backing Ratio: 100.03% ✅ │
│ │ │
│ └─ Proof Generator (Merkle Tree) │
└─────────────┬───────────────────────────────────────┘
│
├─ (Hourly) ──────────────┐
│ │
┌─────────────▼────────────┐ ┌─────────▼──────────────┐
│ Ethereum Mainnet │ │ Public Dashboard │
│ Smart Contract │ │ reserves.issuer.com │
│ (Proof Registry) │ │ (Real-time metrics) │
│ │ │ │
│ Latest Proof: │ │ Current Backing: 100% │
│ 0x4a3b2c... │ │ Last Updated: 2m ago │
│ Block: 18,234,567 │ │ Verified On-Chain ✅ │
└──────────────────────────┘ └─────────────────────────┘Results & Impact
Transparency & Trust
- Real-time attestations published hourly (vs. monthly)
- Public dashboard shows live reserves and backing ratio
- On-chain proofs allow anyone to verify reserves independently
Regulatory Readiness
- GENIUS Act compliant: Real-time proof of reserves
- Audit-ready reports: Monthly PDFs for regulators
- Compliance confidence: Automated reconciliation eliminates human error
"Veria transformed our attestation process from a monthly bottleneck into a competitive advantage. We now offer the most transparent stablecoin in our market segment, and it costs us 92% less than our old manual process."
Implementation Timeline
Discovery & Integration Planning
Veria team reviewed bank account structures, on-chain smart contracts, and existing attestation processes. Documented API requirements and integration architecture.
Bank & Blockchain Integration
Connected to custodian bank accounts via Plaid. Deployed on-chain monitoring for Ethereum and Polygon. Built reconciliation engine and initial dashboard.
Testing & Validation
Parallel testing: Veria's automated attestations ran alongside manual process. Verified 100% accuracy. Regulatory counsel approved format and methodology.
Go-Live & Public Launch
Switched to Veria as primary attestation provider. Launched public transparency dashboard. Published first on-chain proof. Discontinued Big Four contract.
Key Takeaways
Automated attestations are now table stakes for competitive stablecoins. Users demand real-time transparency, and regulators are moving toward continuous monitoring.
Real-time, on-chain attestations provide far better oversight than monthly PDF reports. Automated reconciliation eliminates human error and fraud risk.
Don't trust, verify. On-chain proofs let anyone independently validate that a stablecoin is fully backed—without relying on PDFs or third-party auditors.