# Audit: Stablecoin specimen v1.1 cross-reference

- **Date:** 2026-05-07
- **Subject:** [`specimens/stablecoin.md`](../specimens/stablecoin.md) v1.1. 71-source corpus
- **Discipline:** Reference Discipline (`standard.md` `#reference-discipline`)
- **Method:** Exa `web_search_exa` MCP, parallel fan-out, ≥ 2 independent Tier-1/2/3 sources per claim
- **Methodology:** [`/methodology`](../specimens/methodology.md)
- **Result:** 8/8 highest-leverage claims confirmed; 0 false; 5 enrichments surfaced

## Claims audited

| # | Claim | Confirmations | Verdict |
|---|---|---|---|
| 1 | GENIUS Act = Public Law 119-27, signed 2025-07-18; Senate 68-30, House 308-122 | govinfo.gov primary, White House fact sheet, Debevoise, Greenberg Traurig, Mayer Brown | ✅ |
| 2 | HKMA first stablecoin licences 2026-04-10 to Anchorpoint Financial + HSBC | HKMA primary, Standard Chartered press release, Coindesk, The Standard HK, The Paypers | ✅ |
| 3 | Tether engaged KPMG full audit + PwC for internal readiness, March 2026 | tether.io primary, Coindesk, Fortune, Ledger Insights | ✅ |
| 4 | IMF WP 2026/056 / BIS WP 1340 (Aldasoro/Beltrán/Grinberg): 1% net inflow → 40 bps parity deviation | IMF primary, BIS primary, IMF source PDF, IDEAS RePEc, FinRiskAlert | ✅ |
| 5 | Circle IPO June 2025: $31.00 share, 19.9M primary, $583M net proceeds | Circle press release, SEC R8.htm primary, CNBC, Renaissance Capital, Fortune | ✅ |
| 6 | ESMA register: 19 EMT issuers, 29 EMTs, 0 ARTs (March 2026) | BeInCrypto (origin), cryptonews.net, AInvest, FinanceIQ Hub | ✅ |
| 7 | BIS Papers No 170 (2026-05-05), three-EM-scenarios | BIS primary; cross-referenced against BIS Annual Report 2025 + BIS WP 1270 | ✅ |
| 8 | JPYC: Japan's first regulated yen stablecoin; FSA registration 2025-08-18; launch 2025-10-27 | FINOLAB, FintechObserver, CoinMarketCap, BeInCrypto, CoinJournal | ✅ |

## Enrichments surfaced

1. **Anchorpoint Financial** is a JV of Standard Chartered Bank (HK) + HKT + Animoca Brands; licence numbers FRS01 / FRS02; HKMA processed 36 applications.
2. **HSBC's HK-dollar stablecoin** ships on PayMe + HSBC HK Mobile Banking apps; peer-to-merchant via PayMe; tokenised investments via HSBC HK App.
3. **Tether** reportedly raising $15–20B at $500B valuation per FT via Coindesk; CFO Simon McWilliams onboarded early 2025 specifically for Big-Four readiness.
4. **BIS Papers 170** authors: Iñaki Aldasoro, Jon Frost, Hiro Ito; 33 pages; "approximately 98%" of stablecoin value USD-denominated.
5. **JPYC** registration: Kanto Local Finance Bureau Director No. 00099; runs on Avalanche / Ethereum / Polygon; targets 10 trillion yen (~$67B) within 3 years; 1M-yen-per-transfer cap.

## Reproduce

Exact Exa queries used. A third party pasting these into Exa should return matching primary URLs.

```text
Q1: "GENIUS Act" "Public Law 119-27" signed Trump July 2025 stablecoin
Q2: HKMA first stablecoin issuer licences Anchorpoint HSBC April 10 2026 confirmation
Q3: Tether KPMG full audit financial statement March 2026 Ardoino McWilliams CFO
Q4: "Aldasoro" "Beltran" stablecoin parity deviation 40 basis points FX spillovers IMF working paper 2026
Q5: Circle IPO June 2025 NYSE 19.9 million shares $31 underwriters JPMorgan Citigroup
Q6: "ESMA" MiCA "19 issuers" OR "29 stablecoins" OR "29 EMTs" zero ARTs March 2026
Q7: "BIS Papers" 170 stablecoins "international monetary" May 2026 dollarisation
Q8: JPYC Inc fund transfer service provider licence August 2025 first regulated yen stablecoin launched October
```

## Outcome

- 15 entries in `references.json` carry `verified_via: "exa"` and `verified_on: "2026-05-07"` traceable to this audit.
- 5 enrichments folded into `specimens/stablecoin.md` v1.2.
- Audit log is immutable. Re-audit triggered by: ESMA cliff-day enforcement protocol publication, Tether KPMG report delivery, new IMF/BIS papers on the 2026-07-01 MiCA event.