“There’s a big difference between the term audit and attest. Lowery said one of the unofficial roles that he and the crypto team at Armanino perform has become educating clients on the difference between an audit and an attestation. And for lenders, like Nexo, it gets compared to a company’s liabilities. For stablecoin issuers, that number then gets compared to how many tokens have been issued. The attestations check a company’s account balances.
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The firm also piloted what’s now its Proof of Reserves software as a dashboard for stablecoin issuer TrueUSD.ĬoinShares, which has more than $2 billion assets under management as of this writing, has been using Armanino’s real-time attest software for its exchange-traded products since 2020. Armanino used to be Coinbase’s auditor before the crypto exchange switched to Deloitte. Today, the firm counts some big names in crypto among its clients. Lowery said he's also “starting to see a lot more internationally, too, in Europe and England.” “Traditional finance is really starting to look at as banks,” Lowery said.“Even community banks around the country, are exploring issuing their own stablecoin, all the way up to the biggest banks.” He added that enthusiasm for stablecoins, initially dulled by algorithmic stablecoin TerraUSD wiping out $40 billion in May, seems to be returning. “It took a couple years and, unfortunately, for a few bad things to happen. “The stuff that happened over the summer really was like what we’ve been planning for and trying to talk to people about,” Clayton Lowery, a senior blockchain manager, told Decrypt at the Chainlink SmartCon event in New York. The company, founded in 1969, started looking at providing services to crypto firms back in 2014, and has since built out an entire suite of products under the umbrella of its TrustExplorer brand. Although bad news for the companies involved, bankruptcies, liquidations, and tokens going to zero have created myriad opportunities for accounting firms like Armanino.
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