The American Institute of CPAs (AICPA) is providing a framework for controls over stablecoins, the digital asset that is currently a key focus of regulatory activity in the United States.
The draft is called the Proposed Criteria for Controls Supporting Token Operations: Specific to Asset-Backed Fiat-Pegged Tokens.
Stablecoins are relevant now as the U.S. Senate is expected to vote on the GENIUS Act as early as mid-June. The GENIUS Act would establishes a federal regulatory framework for stablecoins, which are a type of digital asset whose value is tied to the assets backing them, such as U.S. currency.
In this report, AICPA has introduced criteria that prepares the groundwork for stablecoin issuers and investors gearing up for regulation in this space.
The proposed criteria from the AICPA looks to provide consistency, transparency and trust to stakeholders, such as investors and regulators. 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,” Jeff Trent, chair of the AICPA Stablecoin Controls Workstream and partner in PwC’s Digital Assurance and Transparency Practice, said. “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.”
Through this draft, AICPA 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 is seeking public comment on the draft from now through Aug. 11. It will use the feedback 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.