Each month, stablecoin issuers publish reports saying every token is matched by real reserves. ProofLayer checks that claim against the blockchain itself — independently, number by number — and publishes the result as a tamper-evident evidence pack that anyone can re-verify in a browser. No account. No PDF taken on faith. No trust required.
We rebuild the coin's complete supply history from raw blockchain data — every mint, every burn, on every chain it lives on. Our independent count has matched the auditor's attested figure to within a fraction of a basis point.
The issuer's accounting firm publishes a monthly attestation of the reserves. We line those reserves up against the supply we counted — at the same instant — and flag anything that doesn't reconcile.
Every number links to its raw source file, each named by its SHA-256 fingerprint and all sealed under a single Merkle root. Your browser re-verifies the whole pack live; change one byte anywhere and it fails.
Supply independently reconstructed on all four chains it lives on — Ethereum, Solana, Arbitrum and Stellar.
Circle's attestation publishes totals only — no per-chain breakdown exists to corroborate, and the pack says so.
One coin can live on many chains at once — PYUSD spans all four of these. A supply count that misses a chain isn't a count; that's why coverage is corroborated per chain, and the report says so when a chain can't be checked.
Since 2025, federal law (Pub. L. 119-27) requires every U.S. stablecoin issuer to publish monthly reserve disclosures. A ProofLayer pack is that disclosure with proof attached: each check cites the statutory requirement it evidences — 5/5 §4(a) checks passing in the current PYUSD pack.
ProofLayer is built by a solo founder. If you issue a stablecoin, examine one, or hold more of one than you'd like to take on faith — say hello.