NEW YORK (June 12, 2025) — The American Institute of CPAs (AICPA) is reinforcing its role as a leading voice in the treatment of digital assets by providing a framework for controls over stablecoins, the fiat currency-backed digital asset that is currently a key focus of regulatory activity in the United States. Today, the AICPA is releasing an exposure draft for the Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens, with comments sought from the public through Aug.11, 2025.
The U.S. Senate is expected to vote on the GENIUS Act as early as mid-June. This piece of legislation establishes a federal regulatory framework for stablecoins, ensuring they are fully backed by reserves and subject to oversight to protect consumers and financial stability. Criteria issued by the AICPA prepares the groundwork for stablecoin issuers and investors gearing up for regulation in this space.
Stablecoins are a type of digital asset whose value is tied to the assets backing them, such as U.S. currency. The proposed criteria from the AICPA, is aimed at providing consistency, transparency and trust to stakeholders, such as investors and regulators, in reports provided by the creators and issuers of digital assets. Because controls surrounding digital asset operations are an integral part and foundation for the reliability of information presented by those entities, it is vital that those controls are implemented, operated and monitored. The AICPA has already taken a step towards creating this environment of trust with its recently published 2025 Criteria for Stablecoin Reporting for stablecoin issuers.
“These proposed criteria are an essential piece of the broader framework the AICPA is building to support trust and transparency in the digital assets ecosystem,” said Jeff Trent, chair of the AICPA Stablecoin Controls Workstream and partner in PwC’s Digital Assurance and Transparency Practice. “As stablecoins continue to gain prominence, stakeholders need clear, consistent benchmarks for controls over these types of assets. These control criteria help lay the foundation for reliable and trustworthy reporting — not just for token issuers, but for all stakeholders who operate in this space.”
In connection with the 2025 Criteria for Stablecoin Reporting: Specific to Asset-Backed Fiat-Pegged Tokens, the AICPA has identified a need for criteria to evaluate whether there are suitably designed and effective controls around token operations. This new proposed document presents proposed criteria in the form of control objectives in the following areas:
Token generation and management
Client onboarding and maintenance
Customer transaction processing
Key and backup management
Redemption asset management
Vendor management
Reporting
IT general controls
The AICPA looks forward to receiving comments from the public on these criteria, and using those inputs to finalize a user friendly, timely and relevant document for stablecoin issuers to design controls and for auditors who perform attestation services on the control environment of these token issuers. Those interested can view the exposure draft for Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens here.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with 397,000 members and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education, and consulting. A founding member of the Association of International Certified Professional Accountants, the AICPA sets ethical standards for the profession, attestation standards, and U.S. auditing standards for private companies, not-for-profit organizations, and federal, state, and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, partners across the profession to build future talent, and drives continuing education to advance the vitality, relevance, and quality of the profession.
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Ranica Arrowsmith
Ranica.Arrowsmith@aicpa-cima.com
(212) 596-6117