> For the complete documentation index, see [llms.txt](https://pleasing.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://pleasing.gitbook.io/docs/precious-metal-usd-usdpm/proof-of-reserve.md). # Proof of Reserve ## USDpm Proof of Reserve ### Overview USDpm is designed to maintain transparent reserve backing through on-chain TRC20 USDT reserves held in official Pleasing Market reserve wallets on the TRON blockchain. The purpose of this Proof of Reserve (“PoR”) framework is to provide public visibility into reserve assets backing circulating USDpm supply. USDpm reserve reports are published on a monthly basis using publicly verifiable on-chain reserve balances. *** ### Reserve Assets USDpm reserves currently consist exclusively of: * TRC20 USDT on the TRON blockchain Reserve assets are held in designated reserve wallets controlled by Pleasing Market. Only wallets publicly disclosed on this page are considered official reserve wallets for USDpm reserve reporting purposes. *** ### Official Reserve Wallets Official USDpm reserve wallets are disclosed within each monthly reserve report. Reserve wallets may change periodically due to operational, security, custody, treasury management, or infrastructure requirements. Only wallets publicly disclosed within official USDpm reserve reports are considered valid reserve wallets for reserve reporting purposes. Wallet balances may change over time due to minting, redemption, liquidity management, and internal fund transfers. All reserve balances are calculated using blockchain balances at the snapshot timestamp and block height included within each reserve report. *** ### Ownership Verification Control of reserve wallets may be periodically verified through signed on-chain transactions initiated directly from reserve wallets. Ownership verification records may include: * signed proof transactions * low-value on-chain transfers * designated verification memos Verification records are publicly accessible on the TRON blockchain. *** ### Liability Definition USDpm liabilities are defined as the circulating USDpm supply at the time of each reserve snapshot. The following balances may be excluded from circulating supply calculations where applicable: * treasury-controlled wallets * burned supply * operational reserve wallets * non-circulating internal balances The methodology used for liability calculations is disclosed within each monthly reserve report. *** ### Reserve Ratio Reserve coverage ratio is calculated as: Reserve Assets / Circulating USDpm Supply A reserve ratio above 100% indicates that reserve assets exceed circulating USDpm liabilities at the time of the reserve snapshot. *** ### Reporting Methodology USDpm reserve reports are prepared using publicly verifiable on-chain reserve balances captured at the time of report generation. Each reserve report may include: * snapshot timestamp * TRON block height * reserve wallet balances * total reserve assets * circulating USDpm supply * reserve coverage ratio * ownership verification references All reserve calculations are derived from publicly accessible blockchain data. *** ### Transparency Commitment Pleasing Market is committed to maintaining transparent reserve reporting standards for USDpm. Historical reserve reports will remain publicly accessible to support independent verification and long-term transparency. *** ### Limitations Proof of Reserve reports represent point-in-time attestations of reserve balances and liabilities. PoR reports do not constitute: * full financial audits * solvency guarantees * legal opinions * investment assurances Reserve reports should be evaluated together with operational, market, regulatory, counterparty, and smart contract risks associated with digital asset systems. *** ### Monthly Reserve Reports USDpm reserve reports are published monthly and may include: * reserve asset balances * circulating supply calculations * reserve ratios * snapshot details * ownership verification references Historical reports are available in the “Monthly Reserve Reports” section.