tessera
Stablecoin reserve reporting, as a service

Your monthly reserve disclosure,
done. With proof attached.

The GENIUS Act requires every U.S. stablecoin issuer to publish a monthly reserve disclosure. Tessera does that work for you: supply rebuilt from raw blockchain data, reconciled against your reserves, delivered as a finished disclosure. Every figure is evidence-sealed and re-verifiable by anyone, in a browser.

100% of supply corroborated · 4 chains 0 open exceptions 1,231 evidence files sealed

How it works

The work we do every month

No dashboard to operate, no team to hire. The pipeline does the work; anything that needs judgment surfaces as a flagged exception for review before you publish.

01

Count every token

Every mint and burn on every chain the coin lives on, rebuilt from raw blockchain data. Our count has matched the attested figure to within a fraction of a basis point.

02

Check it against the reserves

The reserves attested by the issuer's accounting firm, lined up against our count at the same instant. Anything that doesn't reconcile gets flagged.

03

Seal it so it can't quietly change

Every figure links to its raw source file, all sealed under one Merkle root. Change a byte anywhere and browser re-verification fails.

Why now: the GENIUS Act clock is running

The GENIUS Act (Pub. L. 119-27) requires every U.S. payment stablecoin issuer to publish monthly reserve disclosures.

July 18, 2026
The agencies' deadline for final implementing rules passed with none issued. The statute itself is the rulebook
January 18, 2027
The Act's backstop effective date now binds
February 2027
First mandatory monthly disclosures come due, and a wave of new bank and fintech issuers meets them for the first time

Prescriptive rules are late; the statute isn't. Every Tessera pack already maps its checks to the statutory text: 5/5 §4(a) checks passing in the current PYUSD pack.

The work, demonstrated

Published evidence packs

Both packs were built entirely from public data. Neither issuer was asked for anything. This is what "we do the work" looks like with zero access. With your cooperation, it's your disclosure.

P

PYUSD · 2026-05

PayPal USD, issued by Paxos Trust Company, attested by KPMG LLP
  • Chains independently corroborated4/4
  • GENIUS §4(a) checks passing5/5
  • Open exceptions0
  • Artifacts sealed & browser-verifiable1,231

Supply independently reconstructed on all four chains it lives on: Ethereum, Solana, Arbitrum and Stellar.

Merkle root 3c838111ff5d9149f3ce309a15759c0f3bc89761b4e694922320af139a208dea
Open evidence pack →
$

USDC · 2026-05

USD Coin, issued by Circle, attested by Deloitte & Touche LLP
  • Open exceptions0
  • Artifacts sealed & browser-verifiable540

Circle's attestation publishes totals only, so no per-chain breakdown exists to corroborate, and the pack says so.

Merkle root 5727bfe57285e3e90cb9ede39bb28c5fc8abf6ccbbda0f300cdbd28dd6d9579f
Open evidence pack →

Anyone you hand a pack to can re-verify every number without trusting us, or anyone. Your disclosure inherits the same property.

For issuers

Get your disclosure

Launching under the GENIUS Act? Don't build a reserve-reporting back office. We are one.

Today

Your monthly disclosure, delivered

Prepared from your published attestation and public chain data: sealed, re-verifiable, and ready for your accounting firm's examination. You review the flagged exceptions and publish; we do the rest.

With read-only access

Deeper proof, faster close

Read-only connections to your custodians and banks verify reserves at the source, for a monthly close in hours instead of weeks.

Always on

Continuous monitoring

Supply checked against reserves daily, exceptions flagged the day they appear, and a live page you can hand to exchanges and regulators. When weekly regulatory reporting arrives, the same pipeline already runs daily.

Built around the statute

Who does what, by design

The statute mandates two signatures: your accounting firm's examination opinion and your officers' certification. Everything underneath those signatures is labor, and Tessera does it. We are deliberately not an accounting firm; each signature stays with its rightful owner.

Tessera

Does the work

Your §4(a)(1)(C) disclosure: tokens outstanding plus the amount and composition of reserves, prepared, reconciled, evidence-backed and sealed.

Your accounting firm

Examines

The §4(a)(3) monthly examination runs against a machine-verifiable evidence pack instead of weeks of spreadsheet back-and-forth.

Your CEO & CFO

Certify

Certification carries personal criminal liability for knowing falsehoods (18 U.S.C. §1350(c)). Sign over sealed evidence, not a spreadsheet.

Coverage

Chains covered today

Supply independently rebuilt on every chain PYUSD lives on.

Ethereum
Solana
Arbitrum One
Stellar

One coin can live on many chains at once; PYUSD spans all four. Coverage is corroborated per chain, and the report says so when a chain can't be checked.

Contact

Get in touch

Launching or running a stablecoin under the GENIUS Act? Your next monthly disclosure can arrive finished, like the packs above. Accounting firms: the same pipeline works as tooling under your engagement.