Data Changelog

validation: footer-legal-links

Field: footer_links

LEGAL COMPLIANCE: Added legal links to footer in src/app/layout.tsx. Links to /terms and /privacy pages with updated disclaimer text. Ensures legal pages are accessible from all pages.

validation: privacy-policy

Field: page_content

LEGAL COMPLIANCE: Added GDPR/CCPA-compliant Privacy Policy. Covers: Data Controller identification, minimal data collection practices, legal basis for processing (Art. 6(1)(f) legitimate interests), user rights (access, erasure, portability, objection), CCPA rights for California residents, cookie policy (essential only), data security measures, children's privacy (16+), international transfers, and contact via GitHub issues.

validation: trust-score-card

Field: terminology

YMYL COMPLIANCE: Changed terminology from 'jurisdiction safety' to 'regulatory clarity' in TrustScoreCard component. 'Safety' implies qualitative judgment/advisory language which could be interpreted as investment recommendation. 'Regulatory clarity' is factual and descriptive without implying quality assessment.

validation: terms-of-service

Field: page_content

CRITICAL LEGAL DOCUMENTATION: Added Terms of Service for YMYL liability protection. Sections include: (1) Agreement to Terms, (2) Not Financial/Legal/Investment Advice (prominently displayed), (3) No Professional Relationship, (4) Data Accuracy and Limitations, (5) User Obligations, (6) Intellectual Property, (7) Limitation of Liability (prominently displayed), (8) Indemnification, (9) Governing Law (Delaware), (10) Third-Party Links, (11) Severability, (12) Contact Information. Critical for protecting against liability claims in financial information context.

financial incident: bitfinex-hack-2016

Field: date_resolved

CRITICAL DATA VERIFICATION: Updated BFX token redemption completion date per HANDOFF.md P0 requirements. Previous date (2016-10-13) reflected initial equity conversion, not full redemption completion. Verified all BFX tokens were redeemed or converted to equity by early 2017. Added third source citation (Bitfinex post/176) for token-for-equity exchange announcement dated October 13, 2016. Removed broken Wayback Machine URLs (posts/166 and posts/173 not archived).

deep dive: genius-act-comprehensive-guide

Field: deep_dive_entry

MAJOR FEATURE: Added comprehensive GENIUS Act (Public Law 119-27) deep dive to match MiCA institutional guide quality. 9 sections, 7 key findings, 28 total sources (18 primary, 22 archived). Cross-links to MiCA deep dive for comparative analysis. YMYL compliant with all claims sourced to enacted statute.

deep dive: mica-institutional-compliance-guide

Field: slug

ARCHITECTURE UPDATE: Relocated MiCA deep dive from stablecoin-centric path (/stablecoins/usdc/deep-dives/) to jurisdiction-based routing (/jurisdictions/eu/mica/) for consistency with GENIUS Act implementation. Improves URL semantics and discovery for regulatory framework content.

issuer: sky-protocol

Field: banking_relationships

USDS YMYL compliance framework - Added Real World Asset counterparty relationships representing ~25% of collateral. Includes jurisdiction risk disclosures (Jersey, Delaware, Germany), FDIC status, and RWA risk disclosure statement. Critical for institutional due diligence. Confidence: high.

audit history: sky-auditor-cantina-2024

USDS YMYL compliance framework - Added ChainSecurity (Dec 2024 pre-launch) and Cantina (competitive audit) entries. Documented scope limitations including EOA ownership during deployment, RWA oracle complexity, and governance AI tools. Critical for risk assessment. Confidence: high/medium.

audit history: makerdao-auditor-trail-of-bits

USDS YMYL compliance framework - Added Trail of Bits (2017-present), OpenZeppelin (MCD), Runtime Verification (formal proofs), and ChainSecurity (Dec 2024) audit entries. Documented scope limitations for institutional due diligence. Confidence: high.

financial incident: usds-freeze-discovery-2024

USDS YMYL compliance framework - Added August 2024 freeze function discovery incident. Documents governance-activatable blacklist capability, community controversy, and ongoing status. Severity: HIGH. Critical compliance red flag. Confidence: high.

financial incident: dai-svb-contagion-2023

USDS YMYL compliance framework - Added March 2023 SVB collapse impact incident. Documents USDC PSM correlation risk, depeg to $0.97-0.98, and RWA diversification response. Severity: HIGH. Demonstrates systemic interdependence. Confidence: high.

financial incident: dai-ust-contagion-2022

USDS YMYL compliance framework - Added May 2022 UST collapse contagion incident. Documents temporary depeg to $0.98, PSM utilization, and validation of overcollateralized design. Severity: MEDIUM. Historical stress test data. Confidence: high.

financial incident: makerdao-black-thursday-2020

USDS YMYL compliance framework - Added March 2020 Black Thursday incident. Documents ETH collapse, DAI spike to $1.20, $4.5M bad debt, and MKR auction recapitalization. Severity: CRITICAL. Most severe historical stress event. Confidence: high.

issuer: circle-usdc-research-brief

Created comprehensive USDC Deep Research Module research brief. Documents banking relationships (8 total including SVB, Signature, BNY Mellon, Cross River, Customers Bank, Citizens Trust, NY Community Bank, Silvergate), legal/regulatory history (BitLicense 2015, MiCA compliance 2024, OCC charter 2025), and critical finding: SEC Wells Notice was a rumor denied by Circle, not confirmed enforcement action.

issuer: circle

Field: banking_relationships

Updated Circle banking relationships per USDC Deep Research Module. CRITICAL: Added 4 missing banks from March 2023 reserve report: Customers Bank, Citizens Trust Bank, New York Community Bank/Flagstar, Silvergate Bank. Updated all relationship dates to March 2023 attestation dates. Sources: USDC Reserve Report March 2023 (Deloitte).

issuer: circle

Field: legal_history

CRITICAL DATA CORRECTION: Removed incorrect 'confirmed' SEC Wells Notice entry. Research revealed it was a February 2023 rumor that Circle denied. Added comprehensive legal history: NY BitLicense (first recipient, 2015), FDIC systemic risk exception (SVB/Signature 2023), MiCA French EMI license (2024), OCC National Trust Charter conditional approval (2025). Sources: NYDFS, FDIC, Bloomberg, Circle press releases.

stablecoin: USDC

Field: controversies

CRITICAL YMYL CORRECTION: Fixed SEC Wells Notice controversy from 'ongoing/high confidence' to 'resolved/LOW confidence' per research findings. Added Tron blockchain support termination controversy (February 2024). Updated SVB depeg with primary attestation sources. All changes per USDC Deep Research Module.

attestation: usdc-2023-03-06

Added March 2023 USDC attestation by Deloitte & Touche LLP per USDC Deep Research Module. Captures reserves during SVB failure period: $43.8B reserves, 73.9% Circle Reserve Fund (Rule 2a-7 money market fund managed by BlackRock), 26.1% cash at banks. Critical YMYL document showing reserve composition during banking crisis.

schema: issuers.json

Field: version

Version bump for issuers.json: Comprehensive Circle banking relationships update (8 banks) and legal history correction (removed incorrect Wells Notice, added 5 verified entries).

schema: attestations.json

Field: version

Version bump for attestations.json: Added March 2023 USDC Deloitte attestation (usdc-2023-03-06). Count increased from 14 to 15 entries.

schema: changelog.json

Field: version

Version bump for changelog.json: Added 8 entries documenting USDC Deep Research Module integration (chg-072 through chg-079). Total count now 79 entries.

schema: stablecoin-status

Field: operational_status

Added operational_status field to Stablecoin schema to support documentation of collapsed/defunct stablecoins like TerraUSD. Required for Terra/Luna incident documentation.

issuer: terraform-labs

Added Terraform Labs issuer entry for TerraUSD stablecoin documentation. Included legal history with SEC charges, Interpol Red Notice, and Chapter 11 bankruptcy filing per SEC complaint and court records.

stablecoin: UST

Added TerraUSD (UST) stablecoin entry as historical collapsed algorithmic stablecoin. Documented operational_status: collapsed, collapse_date: 2022-05-12, backing_type: algorithmic. Educational/cautionary reference for algorithmic stablecoin risks.

financial incident: terra-ust-depeg-phase1

Added Phase 1 TerraUSD depeg incident (May 7-9, 2022). Documented initial loss of peg from $1.00 to $0.80, Luna Foundation Guard $2.2B Bitcoin reserve deployment, and Anchor Protocol withdrawal pressure per SEC complaint.

financial incident: terra-death-spiral-phase2

Added Phase 2 Terra/Luna death spiral incident (May 10-13, 2022). Documented algorithmic stabilization failure, LUNA hyperinflation from 340M to 6.5T tokens, and total ecosystem collapse with $40B+ estimated loss per Nansen on-chain analysis and SEC complaint.

financial incident: terra-sec-charges-2023

Added SEC charges incident (February 16, 2023). Documented securities fraud allegations against Terraform Labs and Do Kwon, including unregistered securities offering and Anchor Protocol yield misrepresentation. Ongoing legal proceedings.

stablecoin: PAXG

Added PAXG (Paxos Gold) stablecoin entry. PAXG is a gold-backed token launched September 2019, with each token representing one fine troy ounce of London Good Delivery gold stored in Brink's vaults. Features monthly Withum attestations and allocated gold backing.

stablecoin: USDP

Field: controversies

Added USDP controversies per YMYL research brief. Includes Signature Bank closure impact and BUSD termination ordered by NY DFS and SEC.

stablecoin: PYUSD

Field: related_stablecoins

Updated PYUSD related_stablecoins to include newly added PAXG. All three stablecoins are issued by Paxos.

issuer: paxos

Field: banking_relationships

Added comprehensive Paxos banking relationships per YMYL research brief. Includes terminated relationships (Metropolitan Commercial Bank, Signature Bank, Silvergate Bank) and active custody arrangements (BNY Mellon, State Street, Brink's for gold vaulting).

issuer: paxos

Field: legal_history

Added comprehensive Paxos legal history per YMYL research brief. Includes regulatory milestones (first NY Trust Charter, SEC No-Action Relief) and enforcement actions (BUSD termination 2023).

issuer: paxos

Field: operational_entities

Added Paxos operational entities per YMYL research brief. Documents global corporate structure with primary regulated entity in New York and international operations.

attestation: paxg-2026-01

Added January 2026 PAXG attestation from Withum. Reports 305,882.35 fine troy ounces (9.51 tonnes) of allocated gold in Brink's London vaults backing $850M in PAXG tokens.

attestation: tether-audit-history

Field: audit_history

Added Friedman LLP auditor engagement (2017-2018) to audit-history.json. Limited scope attestation of Tether bank balances. Engagement terminated January 2018 after Friedman was acquired by StoneTurn.

attestation: tether-audit-history

Field: audit_history

Added no-auditor gap period (2018-2021) to audit-history.json. Tether operated without independent auditor for over 3 years, during which NYAG investigation occurred and $850M Crypto Capital loss was discovered. Engagement_type: 'none'.

attestation: tether-audit-history

Field: audit_history

Added BDO Italia auditor engagement (2021-present) to audit-history.json. Quarterly assurance reports on Tether's consolidated reserves per NYAG settlement requirements. Engagement_type: 'attestation'. Standards: ISAE 3000, AICPA AT 101.

stablecoin: USDT

Field: banking_relationships

Added Wells Fargo correspondent banking relationship (2015-2017) to tether-limited issuer. Terminated March 2017 due to risk concerns. Source: Court filings in iFinex Inc. v. Wells Fargo (N.D. Cal. Case No. 3:17-cv-01882).

stablecoin: USDT

Field: banking_relationships

Added Noble Bank International relationship (2017-2018) to tether-limited issuer. Puerto Rico-based bank. Tether opened account September 15, 2017 with $382M deposit from Bitfinex. Terminated October 2018. Source: NYAG settlement dated February 23, 2021.

stablecoin: USDT

Field: banking_relationships

Added Crypto Capital Corp payment processor relationship (2017-2018) to tether-limited issuer. Panama-based processor held over $1B in customer deposits. Account frozen May 2018 in Poland with $340M+ seized. Source: NYAG settlement dated February 23, 2021.

stablecoin: USDT

Field: banking_relationships

Added Deltec Bank & Trust relationship (2018-present) to tether-limited issuer. Bahamas-based bank. Active operational relationship announced November 1, 2018. Currently disclosed in attestations.

stablecoin: USDT

Field: financial_incidents

Added Crypto Capital Corp $850M loss incident (Priority 1 - Critical). According to NYAG settlement dated February 23, 2021, Tether and Bitfinex lost access to $850M in reserves held by payment processor when funds were seized in Poland and Portugal. Most unusual: Payment processor holding $1B+ seized across multiple jurisdictions.

stablecoin: USDT

Field: financial_incidents

Added Bitfinex Security Breach and BFX Token Recovery incident (Priority 1 - Critical). According to Bitfinex announcement dated August 2, 2016, 119,756 BTC stolen (~$72M). Most unusual: 'Socialized loss' mechanism and BFX token recovery program converting losses to equity via SPVs.

stablecoin: USDT

Field: financial_incidents

Added Tether Reserve Commingling and Intercompany Borrowing incident (Priority 1 - Critical). According to NYAG settlement dated February 23, 2021, Bitfinex borrowed $400M from Tether reserves in August-September 2018 without disclosure. Most unusual: Direct commingling of reserves contradicting 'fully backed' claims.

stablecoin: USDT

Field: financial_incidents

Added Wells Fargo Correspondent Banking Termination incident (Priority 2 - High). According to court filings in iFinex Inc. v. Wells Fargo (N.D. Cal. Case No. 3:17-cv-01882), Wells Fargo terminated services March 31, 2017. First major bank 'de-risking' of crypto exchange, triggered 2017 banking crisis.

stablecoin: USDT

Field: financial_incidents

Added Noble Bank International Relationship Termination incident (Priority 2 - High). According to NYAG settlement dated February 23, 2021, Bitfinex and Tether severed Noble Bank relationship October 2018. Second banking loss within 18 months, demonstrates ongoing banking access challenges.

stablecoin: USDT

Field: financial_incidents

Added Paradise Papers Corporate Structure Leak incident (Priority 2 - Medium). According to ICIJ Offshore Leaks database published November 5, 2017, Tether Holdings Limited incorporated September 5, 2014 in BVI with Giancarlo Devasini (Shareholder) and Philip Potter (Director). Revealed governance overlap between Bitfinex and Tether.

status matrix: TUSD in European Union

Field: status_matrix_entry

CRITICAL YMYL FIX: TUSD had NO status matrix entries for any jurisdiction. Added tusd-eu entry documenting unclear regulatory status under MiCA. Techteryx (Hong Kong-based issuer) has no identified MiCA authorization.

status matrix: TUSD in Hong Kong

Field: status_matrix_entry

CRITICAL YMYL FIX: TUSD had NO status matrix entries for any jurisdiction. Added tusd-hk entry documenting permitted status in Hong Kong where issuer Techteryx is based and holds TCSP license.

status matrix: TUSD in United States

Field: status_matrix_entry

CRITICAL YMYL FIX: TUSD had NO status matrix entries for any jurisdiction. This was a critical gap preventing users from determining TUSD's regulatory status. Added tusd-us entry with 'unclear' status due to Hong Kong-based issuer having no US regulatory presence.

issuer: paxos

Field: operational_entities

Updated operational_entities from string array to structured IssuerEntity objects to support jurisdiction-based regulatory status system. Added entityName, jurisdiction, entityType, regulatoryLicenses, stablecoinsIssued, isMiCACompliant, and isGENIUSActCompliant fields for entity separation visibility.

stablecoin: USDP

Field: controversies.paxos-busd-termination-2023.description

YMYL compliance: Removed advisory/interpretive language ('represented significant regulatory pressure') and replaced with factual statement describing what IS. Per AGENTS.md YMYL requirements - describe what happened, not what it means. This is a blocking fix required before deployment.

issuer: paxos

Field: banking_relationships.bny-mellon.source_url

YMYL compliance: Added source URLs to BNY Mellon banking relationship for data integrity and source permanence. Per AGENTS.md YMYL requirements - all claims must be sourced with archive links where available.

issuer: paxos

Field: banking_relationships.state-street.source_url

YMYL compliance: Added source URLs to State Street banking relationship for data integrity and source permanence. Per AGENTS.md YMYL requirements - all claims must be sourced with archive links where available.

issuer: paxos

Field: legal_history.ny-dfs-busd-2023.document_archive_url

YMYL compliance: Added archive.org URL to NY DFS BUSD Consent Order (2023) for source permanence. Per AGENTS.md YMYL requirements - archive sources when available.

issuer: paxos

Field: legal_history.sec-busd-2023.document_archive_url

YMYL compliance: Added archive.org URL to SEC BUSD action (2023) for source permanence. Per AGENTS.md YMYL requirements - archive sources when available.

issuer: paxos

Field: legal_history.occ-charter-denial-2020-2021.document_archive_url

YMYL compliance: Added archive.org URL to OCC Charter Denial (2020-2021) for source permanence. Per AGENTS.md YMYL requirements - archive sources when available.

issuer: paxos

Field: legal_history.ny-dfs-trust-charter-2015.document_archive_url

YMYL compliance: Added archive.org URLs to NY DFS Trust Charter (2015) and BitLicense entries for source permanence. Per AGENTS.md YMYL requirements - archive sources when available.

status matrix: PAXG in European Union

CRITICAL YMYL FIX: Added missing PAXG-EU status matrix entry. PAXG had no status matrix entries - this was a critical YMYL gap blocking deployment. Entry reflects unclear regulatory status under MiCA for gold-backed tokens. Sources: MiCA regulation text.

status matrix: PAXG in United States

CRITICAL YMYL FIX: Added missing PAXG-US status matrix entry. PAXG had no status matrix entries - this was a critical YMYL gap blocking deployment. Entry reflects permitted status under NY DFS Trust Charter and SEC No-Action Relief (2019). Sources: NY DFS Trust Charter (2015), SEC No-Action Relief (2019).

status matrix: USDS in United States

Field: action_summary

YMYL compliance: Removed advisory language ('NOT RECOMMENDED', 'Suitable only for', 'migrate to') per AGENTS.md YMYL requirements. Replaced with factual statements describing what IS, not what SHOULD BE. This is a blocking fix required before deployment.

status matrix: USDS in European Union

Field: action_summary

YMYL compliance: Removed advisory language ('NOT RECOMMENDED', 'migrate to') per AGENTS.md YMYL requirements. Replaced with factual statements describing what IS, not what SHOULD BE. This is a blocking fix required before deployment.

status matrix: multiple in European Union

Field: action_summary

YMYL compliance: Removed advisory 'migrate to' language across multiple EU status matrix entries. Changed to factual 'alternatives are available' phrasing per AGENTS.md YMYL requirements. This is a blocking fix required before deployment.

financial incident: wells-fargo-termination-2017

Field: detailed_description

Added research findings from tether-wells-fargo-dismissal-research-brief.json: documented voluntary dismissal on April 11, 2017 (6 days after filing), noted that dismissal reason is undocumented in public records, no settlement agreement is public, and Noble Bank relationship began June 2017 (~2 months later). Confidence: medium.

financial incident: crypto-capital-loss-2018

Field: detailed_description

Added research findings from tether-crypto-capital-seizure-research-brief.json: documented Poland seizure ($340M+, May 2018), Portugal seizure ($150M), noted ~$360M unattributed to specific jurisdictions, and stated current status of funds (recovered/forfeited) is unknown. Confidence: medium.

financial incident: bitfinex-hack-2016

Field: detailed_description

Added research findings from tether-bfx-token-redemption-research-brief.json: documented dual-track redemption mechanism (cash + equity via SPVs), >20M BFX tokens (~28%) converted to equity, Recovery Right Tokens (RRTs) for additional recovery, verified redemption completion March 31, 2017. Confidence: high.

issuer: tether-limited

Field: banking_relationships

Enhanced Tether banking relationships with comprehensive timeline data and YMYL-compliant sourcing. Added Cantor Fitzgerald (2023-present) and Capital Union Bank (active) relationships. Updated all termination details with primary source citations per AGENTS.md requirements.

financial incident: terra-luna-collapse-2022

Added Terra/Luna collapse FinancialIncident entry with complete timeline and sources

stablecoin: USDC

Field: controversies

Added USDC controversies per site-wide quality audit. Includes Silicon Valley Bank depeg event and ongoing SEC Wells Notice investigation.

issuer: circle

Field: legal_history

Added Circle legal history per site-wide quality audit. Circle received SEC Wells Notice on August 1, 2023 regarding potential securities law violations related to USDC.

issuer: circle

Field: banking_relationships

Added Circle banking relationships per site-wide quality audit. Includes SVB and Signature Bank (terminated due to bank failures) and current relationships with BNY Mellon and Cross River Bank.

financial incident: usdc-svb-depeg-2023

Field: new_entry

Added USDC Silicon Valley Bank depeg incident per site-wide quality audit. Critical YMYL content: USDC fell to $0.87 following SVB collapse where Circle held $3.3B in reserves.

stablecoin: USDT

Field: controversies

Added two additional controversies to USDT per Phase 1 of tether-forensic-audit-integration-plan.md: Early Reserve Questions (2015-2017) and Commercial Paper Disclosure Gap (2021).

audit history: tether-auditor-fss-2018

Added Freeh Sporkin & Sullivan review entry per Phase 1 of tether-forensic-audit-integration-plan.md. Documented June 2018 legal/investigative report.

audit history: tether-auditor-deltec-2018

Added Deltec Bank confirmation entry per Phase 1 of tether-forensic-audit-integration-plan.md. Documented November 2018 bank confirmation letter.

audit history: tether-auditor-moore-cayman

Added Moore Cayman attestation period per Phase 1 of tether-forensic-audit-integration-plan.md. Documented Q1 2021 - Q2 2022 ISAE 3000 attestations.

financial incident: tether-terra-luna-depeg-2022

Added Terra/Luna depeg incident per Phase 1 of tether-forensic-audit-integration-plan.md. Documented $10B redemption surge and temporary depeg to ~$0.95 in May 2022.

financial incident: tether-secured-loans-pledge-2023

Added secured loans pledge non-compliance incident per Phase 1 of tether-forensic-audit-integration-plan.md. Documented pledge to eliminate secured loans by end of 2023 not being fulfilled.

schema: data/schema.ts

Field: schema_extensions

Phase 1: Schema extensions for Tether forensic research. Added FinancialIncident interface, enhanced BankingRelationship with timeline fields, added AuditHistoryEntry interface, enhanced LegalHistoryEntry with investigation phase fields. Created data/financial-incidents.json and data/audit-history.json templates.

stablecoin: USDe

Field: on_chain_verification_urls

Updated to official Ethena transparency dashboard URL with collateral verification, backing ratios, and custodian attestations. Previous URL was generic homepage.

stablecoin: DAI

Field: on_chain_verification_urls

Added official Sky Protocol Risk & Analytics Dashboard as primary on-chain verification source. Retained community dashboards (makerburn.com, daistats.com) as supplementary.

schema: data/schema.ts

Field: IssuerType

Added 'government_entity' to IssuerType enum to support Fed-issued stablecoins like USAT. Required for proper issuer classification of central bank and government agency issuers.

schema: data/schema.ts

Field: Stablecoin

Added comprehensive Fed-issued stablecoin support to core schema. Includes ReserveStructure for detailed reserve tracking and GENIUS Act compliance fields for US-regulated stablecoins like USAT.

schema: data/schema.ts

Field: Stablecoin.related_stablecoins

Added 'related_stablecoins' field to Stablecoin interface to explicitly link coins from the same issuer (e.g., USDT, EURT, XAUT from Tether). Enables stablecoin family navigation and issuer portfolio views.

schema: src/types/schema.ts

Field: IssuerType

Synced src/types/schema.ts with data/schema.ts per schema-first policy. Added 'government_entity' to IssuerType enum for Fed coin support.

schema: src/types/schema.ts

Field: Stablecoin

Synced src/types/schema.ts with data/schema.ts per schema-first policy. Added ReserveStructure and Fed coin support fields.

validation: src/lib/validation.ts

Field: IssuerTypeSchema

Updated Zod validation schema to include 'government_entity' issuer type for Fed coin support.

validation: src/lib/validation.ts

Field: StablecoinSchema

Updated Zod validation schema with ReserveStructureSchema and Fed coin support fields. Ensures runtime validation of new schema additions.

test: src/lib/validation.test.ts

Added comprehensive Tether-specific validation tests covering USDT, EURT, and XAUT structures. Includes tests for controversies, gold policy, and cross-coin family relationships.

stablecoin: XAUT

Field: backing_type

XAUT is 100% backed by physical gold. 'mixed_assets' was factually incorrect. Added 'commodity_backed' to BackingType enum to properly represent commodity-backed tokens.

attestation: xaut-2025-q4

Field: composition.asset_type

XAUT reserves are 100% physical gold. Generic 'other' asset_type misrepresented the asset class. Added 'gold' to ReserveCompositionItem.asset_type enum.

attestation: xaut-2025-q4

Field: source_url

Previous source_url pointed to Tether marketing press release, not the BDO Italia assurance report. YMYL compliance requires primary source documents for attestation data.

stablecoin: XAUT

Field: contract_addresses.solana

Solana contract address was invalid (too short for base58 format, 32-44 chars required). Removed pending verification. Solana also removed from chains array. XAUT is not confirmed to be deployed on Solana.

stablecoin: USAT

Field: reserve_structure

Enhanced USAT entry with reserve trust structure, GENIUS Act compliance flags, freeze capability, and two-tier market details from deep research analysis of Anchorage disclosures and GENIUS Act text

stablecoin: USAT

Field: issuer_banking_relationships

Updated Anchorage Digital issuer entry with Cantor Fitzgerald banking relationship and enhanced USAT Reserve Trust documentation

status matrix: USAT in United States

Field: restrictions

Comprehensive update to USAT-US status matrix entry based on deep research of Anchorage policies, GENIUS Act requirements, and two-tier market structure (primary vs secondary)

stablecoin: USAT

Added USA₮ (USAT) stablecoin - Tether's US-regulated stablecoin issued by Anchorage Digital Bank per Phase 1-2 of USAT research plan. Anchorage Digital issuer entry also created.

status matrix: USAT in United States

Added US regulatory status for USA₮ (permitted - GENIUS Act compliant, issued by federally chartered bank) per Phase 4.1

attestation: schema-version-field

Field: version

Added required 'version' field to Attestation schema for data provenance tracking. Enables schema evolution tracking and YMYL audit trail compliance.

stablecoin: XAUT

Added XAUT (Tether Gold) as separate stablecoin entry per Task 3.1 of user-narratives-tether-attestations.md

attestation: xaut-2025-q4

Added Q4 2025 gold attestation for XAUT from BDO Italia per Task 3.2

status matrix: XAUT in United States

Added US regulatory status for XAUT (unclear - commodity vs security) per Task 3.4

status matrix: XAUT in European Union

Added EU regulatory status for XAUT (restricted - not MiCA-compliant) per Task 3.4

status matrix: XAUT in Switzerland

Added Switzerland regulatory status for XAUT (permitted - vaults located in Switzerland) per Task 3.4

status matrix: XAUT in Singapore

Added Singapore regulatory status for XAUT (permitted - available on MAS-licensed exchanges) per Task 3.4

status matrix: USDT in European Union

Field: status

MiCA enforcement began Dec 30, 2024. ESMA confirmed USDT not authorized as ART.

status matrix: USDT in European Union

Field: restrictions

Added specific restrictions per MiCA Article 52 and ESMA guidance

status matrix: USDC in European Union

Field: status

MiCA transition period: USDC grandfathered while authorization pending

attestation: usdc-2026-01

Added January 2026 attestation for USDC from Grant Thornton

attestation: usdt-2025-q4

Added Q4 2025 attestation for USDT from BDO Italia

stablecoin: USDe

Added Ethena USDe as significant new stablecoin (> $5B supply)

status matrix: USDe in United States

Added US status for USDe as unclear due to novel mechanism

status matrix: USDe in European Union

Added EU status for USDe as unclear pending MiCA classification