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Stablecoin Transparency Act

At Concoin, we follow the Stablecoin Transparency Act; 2022 Senate Bill ('SB') 3970. This is a law stating that a Stablecoin issuer is to hold all reserves associated with each fiat currency-backed Stablecoin they issue in (1) certain government securities, (2) fully collateralized security repurchase agreements, or (3) U.S. dollars or other nondigital currency.

A fiat currency-backed Stablecoin is a type of digital asset that has been backed by a nondigital currency, thus making it redeemable on a one-to-one basis in that currency.

Each Stablecoin issuer must publish a report to their website on a monthly basis that details the reserves held by the issuer that has been audited by an impartial third party.

As of July 1, 2022
Total USD held by State agencies
$0
Alabama
$0
Alaska
$0
Arizona
$0
Arkansas
$0
California
$0
Colorado
$0
Connecticut
$0
Delaware
$0
Florida
$0
Georgia
$0
Hawaii
$0
Idaho
$0
Illinois
$0
Indiana
$0
Iowa
$0
Kansas
$0
Kentucky
$0
Louisiana
$0
Maine
$0
Maryland
$0
Massachusetts
$0
Michigan
$0
Minnesota
$0
Mississippi
$0
Missouri
$0
Montana
$0
Nebraska
$0
Nevada
$0
New Hampshire
$0
New Jersey
$0
New Mexico
$0
New York
$0
North Carolina
$0
North Dakota
$0
Ohio
$0
Oklahoma
$0
Oregon
$0
Pennsylvania
$0
Rhode Island
$0
South Carolina
$0
South Dakota
$0
Tennessee
$0
Texas
$0
Utah
$0
Vermont
$0
Virginia
$0
Washington
$0
West Virginia
$0
Wisconsin
$0
Wyoming
$0
Total USD held by Concoin
$0

Total (US&ON) Authorized

Less: Authorized but not issued

Grand Total
$0

$0

$0