From Research to Industry Dialogue
In September 2026, the Middle East Stablecoin Association (MESA) launched its research paper, “Proof of Reserves for Stablecoin Issuers.” Authored by Kristiina Lumeste, Zarah Jennika Estermann and Dyma Budorin, ACCA CCSSA, from MESA’s Technology, Innovation and Education Committee, the paper examines reserve practices for stablecoin issuers. Its publication was accompanied by a live webinar with the authors, creating an opportunity to discuss the research and its key themes.
What the Research Examines
Reserve Verification
The paper looks at approaches to verifying stablecoin reserves and the considerations involved in demonstrating that reserves correspond appropriately to the stablecoins issued. It also examines the role of verification mechanisms in supporting greater transparency around reserve positions.
Custody and Segregation of Reserves
Another area of focus is how reserves are held and managed. The research considers custody and segregation, including the importance of reserves being appropriately separated, accessible and sufficiently liquid when required for redemption.
Issuer Accountability
The paper also examines the responsibilities of stablecoin issuers in relation to Proof of Reserves. This includes questions around accountability and the processes through which reserve information is verified and communicated.
Different Proof of Reserves Models
The research explores three Proof of Reserves models, examining the different approaches and considerations associated with each. It also discusses areas including independent attestation, decentralised oracles, smart-contract controls and machine-readable reporting.
Taking the Research into Discussion
The paper launch was accompanied by a live webinar featuring its authors, who walked participants through the research and its findings. The discussion provided an opportunity to explore the paper’s themes in greater detail, connecting the research to wider questions around transparency, verification, custody and issuer practices.
By bringing the authors into direct discussion with the wider MESA community, the webinar extended the research beyond the publication itself and created space for questions and perspectives around Proof of Reserves.
Why Proof of Reserves Matters to the Stablecoin Ecosystem
As stablecoins become increasingly relevant to discussions around digital finance, payments, treasury and institutional use, questions around reserves and how they are verified remain an important part of the wider ecosystem conversation. Transparency, verification and issuer accountability are therefore relevant considerations in understanding how stablecoin infrastructure develops.
Building Informed Understanding
Through research and education, MESA continues to contribute to informed industry dialogue around the evolving stablecoin ecosystem. The Proof of Reserves for Stablecoin Issuers paper and accompanying webinar provide a platform for examining the practices and considerations shaping this area.
MESA Launches Research Paper on Proof of Reserves for Stablecoin Issuers
From Research to Industry Dialogue
In September 2026, the Middle East Stablecoin Association (MESA) launched its research paper, “Proof of Reserves for Stablecoin Issuers.” Authored by Kristiina Lumeste, Zarah Jennika Estermann and Dyma Budorin, ACCA CCSSA, from MESA’s Technology, Innovation and Education Committee, the paper examines reserve practices for stablecoin issuers. Its publication was accompanied by a live webinar with the authors, creating an opportunity to discuss the research and its key themes.
What the Research Examines
Reserve Verification
The paper looks at approaches to verifying stablecoin reserves and the considerations involved in demonstrating that reserves correspond appropriately to the stablecoins issued. It also examines the role of verification mechanisms in supporting greater transparency around reserve positions.
Custody and Segregation of Reserves
Another area of focus is how reserves are held and managed. The research considers custody and segregation, including the importance of reserves being appropriately separated, accessible and sufficiently liquid when required for redemption.
Issuer Accountability
The paper also examines the responsibilities of stablecoin issuers in relation to Proof of Reserves. This includes questions around accountability and the processes through which reserve information is verified and communicated.
Different Proof of Reserves Models
The research explores three Proof of Reserves models, examining the different approaches and considerations associated with each. It also discusses areas including independent attestation, decentralised oracles, smart-contract controls and machine-readable reporting.
Taking the Research into Discussion
The paper launch was accompanied by a live webinar featuring its authors, who walked participants through the research and its findings. The discussion provided an opportunity to explore the paper’s themes in greater detail, connecting the research to wider questions around transparency, verification, custody and issuer practices.
By bringing the authors into direct discussion with the wider MESA community, the webinar extended the research beyond the publication itself and created space for questions and perspectives around Proof of Reserves.
Why Proof of Reserves Matters to the Stablecoin Ecosystem
As stablecoins become increasingly relevant to discussions around digital finance, payments, treasury and institutional use, questions around reserves and how they are verified remain an important part of the wider ecosystem conversation. Transparency, verification and issuer accountability are therefore relevant considerations in understanding how stablecoin infrastructure develops.
Building Informed Understanding
Through research and education, MESA continues to contribute to informed industry dialogue around the evolving stablecoin ecosystem. The Proof of Reserves for Stablecoin Issuers paper and accompanying webinar provide a platform for examining the practices and considerations shaping this area.