Onchain. Permissionless. Verifiable.
Cryptographic proof that every on-chain token is backed 1:1 by a real asset in custody. Verifiable by anyone. Cross-referenced against independent broker-dealer statements. No trust required — by construction.
Reserve Status
Live view of total assets in custody against total on-chain liabilities.
Total Assets in Custody
IBKR + Alpaca
$147.3M
Total Onchain Liabilities
All chains combined
$147.3M
Collateralization Ratio
1 : 1
Fully BackedLast Updated
Apr 17, 2026
14:30 UTC
On-chain distribution
Ethereum
$81.3M
Base
$44.6M
Arbitrum
$21.4M
Where the Underlying Sits
Institutional custody accounts for Flo Issuance SPV at two SEC-registered broker-dealers. Interactive Brokers serves as primary and Alpaca as secondary so the issuance chain stays operational if either relationship becomes unavailable — while Rule 15c3-3 customer-asset segregation protects the underlying in any insolvency scenario.
Interactive Brokers LLC
PrimaryShare of AUM
68%
Value
$100.1M
FIX API reconciliation. Customer property under Rule 15c3-3.
Alpaca Securities LLC
SecondaryShare of AUM
32%
Value
$47.2M
REST API reconciliation. Customer property under Rule 15c3-3.
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 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 in institutional custody accounts for Flo Issuance SPV at Interactive Brokers (primary) and Alpaca Securities (secondary). Pulled via broker FIX / REST 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 of the SPV. It confirms the backing ratio at a point in time; it does not opine on the SPV's financial statements as a whole.
Independence
The attestor has no financial or operational relationship with Flo 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.
| Period | Assets | Liabilities | Ratio | Delta |
|---|---|---|---|---|
| March 2026 | $147.3M | $147.3M | 1.0000 | $0 |
| February 2026 | $139.2M | $139.2M | 1.0000 | $0 |
| January 2026 | $128.6M | $128.6M | 1.0000 | $0 |
| December 2025 | $114.9M | $114.9M | 1.0000 | $0 |
| November 2025 | $98.4M | $98.4M | 1.0000 | $0 |
| October 2025 | $87.1M | $87.1M | 1.0000 | $0 |
How PoR Fits into the Insolvency Picture
Proof of reserves confirms backing at a point in time. Legal segregation is what protects holdings if an entity in the chain fails.
Continuous on-chain proof (PoR + daily attestation)
Verifies 1:1 backing at each reporting cycle. Does not protect against insolvency — that's what the next two layers do.
Cayman SPV structure
The issuance vehicle is an SPV with a trust-like shareholding arrangement and an independent director on the board. It has no operating activity beyond the note program, keeping it structurally separate from Flo Holdings and limiting exposure to any operating-company outcome.
US customer-asset segregation — SEC Rule 15c3-3
At the broker-dealer layer, customer securities and cash are segregated from BD own property and are not available to BD creditors. SIPC provides additional protection up to $500K per account.
Verify It Yourself
Three steps to independently confirm your balance is included in the proof of reserves — no permission needed.
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 reportsVerify 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.
Cross-reference BD report
Download the latest IBKR or Alpaca daily activity statement, which shows total assets under management. Confirm this matches or exceeds the total on-chain liabilities published by the PoR contract.
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 /trust/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 broker-dealer position report
33# Download the latest IBKR or Alpaca daily statement and compare total AUM
34# against the onchain liabilities figure published by the PoR contract.Proof of Reserves — FAQ
The questions that matter about what PoR actually does and does not do.