Proof of Reserves

Onchain. Permissionless. Verifiable.

Cryptographic proof that every on-chain token is 1:1 backed by the real underlying asset held at institutional custodians. Verifiable by anyone. No trust required, by construction.

Reserve Status

Live view of total assets in custody against total on-chain liabilities.

Total Assets in Custody

Institutional custodians

$147.3M

Total Onchain Liabilities

All chains combined

$147.3M

Collateralization Ratio

 

1 : 1

Fully Backed

Last Updated

 

Apr 17, 2026

14:30 UTC

On-chain distribution

Ethereum

$81.3M

Base

$44.6M

Arbitrum

$21.4M

Methodology

The scope of what the proof covers, how the numbers are produced, and the limits of what the engagement opines on.

On-chain liabilities

Total Flo Finance token supply per series across every supported chain, aggregated directly from each token contract. Reported in both unit count (per CUSIP) and USD-equivalent.

Off-chain assets

Positions held at institutional custodians by Flo Finance. Pulled via custodian API and reconciled against the official daily statements.

Reconciliation

Per-CUSIP comparison. Tolerances are zero on unit count and $0.01 on USD-equivalent valuation. Any delta is explained on the face of the attestation.

Valuation source

End-of-period last trade on the primary listing. Where a security is suspended or in corporate action, the auditor applies the documented fallback methodology and discloses it.

Scope limits

The attestation is an Agreed-Upon Procedures engagement, not a full financial audit. It confirms the backing ratio at a point in time; it does not opine on Flo Finance's financial statements as a whole.

Independence

The attestor has no financial or operational relationship with Flo Finance outside of the engagement. Independence statement included on every report.

Historical Snapshots

Trailing six months. Every period has been 1:1 with zero delta. Any non-zero delta would be disclosed on the face of the attestation with explanation.

PeriodAssetsLiabilitiesRatioDelta
March 2026$147.3M$147.3M1.0000$0
February 2026$139.2M$139.2M1.0000$0
January 2026$128.6M$128.6M1.0000$0
December 2025$114.9M$114.9M1.0000$0
November 2025$98.4M$98.4M1.0000$0
October 2025$87.1M$87.1M1.0000$0

Verify It Yourself

Three steps to independently confirm your balance is included in the proof of reserves, no permission needed.

1

Download your Merkle proof

Visit the attestation reports page and download your personalized Merkle proof JSON file. This contains your leaf node (a hash of your balance) and the sibling hashes needed to reconstruct the tree root.

Go to reports
2

Verify your leaf node

Using the script below (or any SHA-256 Merkle verifier), recompute the root hash from your leaf and proof siblings. Compare the result against the root hash stored on-chain in the PoR contract.

3

Cross-reference the daily attestation

Pull the latest daily attestation from the public Accountable API. Confirm that total custodied assets match or exceed the total on-chain liabilities published by the PoR contract.

verify_reserves.pypython
 1import json
 2import hashlib
 3from web3 import Web3
 4
 5# 1. Connect to the PoR contract
 6w3 = Web3(Web3.HTTPProvider("https://eth.llamarpc.com"))
 7POR_CONTRACT = "0x1a2b3c4d5e6f7890abcdef1234567890abcdef12"
 8ABI = json.load(open("por_abi.json"))
 9contract = w3.eth.contract(address=POR_CONTRACT, abi=ABI)
10
11# 2. Fetch the latest onchain Merkle root
12root = contract.functions.getMerkleRoot().call()
13print(f"Onchain Merkle root: {root.hex()}")
14
15# 3. Load your personal Merkle proof (from /transparency/reports)
16with open("my_proof.json") as f:
17    proof = json.load(f)
18
19leaf = proof["leaf"]        # your balance hash
20siblings = proof["proof"]   # sibling hashes
21
22# 4. Recompute the root from your leaf
23computed = bytes.fromhex(leaf)
24for sibling in siblings:
25    pair = sorted([computed, bytes.fromhex(sibling)])
26    computed = hashlib.sha256(pair[0] + pair[1]).digest()
27
28# 5. Verify
29assert computed == root, "Verification FAILED"
30print("Verification PASSED - your balance is included in the proof")
31
32# 6. Cross-reference with the daily Accountable attestation feed via public API
33# and confirm total AUM equals the onchain liabilities figure.

Proof of Reserves, FAQ

The questions that matter about what PoR actually does and does not do.

What does proof of reserves actually prove?+
That at a specific timestamp, the on-chain token supply is matched 1:1 by the underlying assets held at institutional custodians by Flo Finance. It does not, on its own, prove ongoing solvency; that is why we layer it with daily Agreed-Upon-Procedures attestations by Accountable.
What does it not prove?+
It does not opine on financial statements as a whole, does not prove that assets won't be withdrawn after the timestamp, and does not cover obligations outside the tokenized series (operating liabilities, vendor payables, etc.). Those are outside the scope of the PoR engagement by design.
How is this better than a snapshot attestation?+
Every mint and burn is visible on-chain in real time. Custodian holdings are attested daily and can be verified cryptographically against the on-chain supply. Combined with the daily independent attestation by Accountable, this is the closest thing to continuous proof of reserves the asset class permits.
Can I verify a holding that isn't mine?+
You can verify that the on-chain Merkle root is consistent with the total supply and with the custodian's signed attestation. You cannot de-anonymize individual holdings, by design. Each holder verifies their own leaf using a personal proof.
How often is reserves data updated?+
Two layers, both daily, each independently verifiable. (1) Daily Merkle snapshot at 00:00 UTC: the full Merkle root of holdings is rebuilt and posted on-chain on Base, Arbitrum, and Ethereum, enabling cryptographic reconciliation against on-chain supply. (2) Daily third-party attestation by Accountable: an independent verifier attests to the 1:1 reconciliation between on-chain supply and the underlying assets held at institutional custodians, served via the public Accountable API. No NDA, no waitlist, no PDF gate.

Resources

Architecture

Proof of reserves architecture

The two-layer daily stack and contract address

CLI + JSON

Verifying proof of reserves

Merkle proof JSON schema and CLI verification

Third-party

Daily attestations

Cadence, methodology, public Accountable API

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