Legal & Compliance

Audit Reports

Independent review of the Mexas smart contract, the quarterly proof-of-reserves reports, and the on-chain record you can check yourself without trusting anyone.

Three things need verifying, not one

A stablecoin makes separate promises, and they are verified in completely different ways. Conflating them is how holders get misled, so we keep them apart on this page.

Security audit · published

The code

Whether the token contract does what it should and nothing it shouldn’t. Reviewed by an independent security firm, whose report is below.

On-chain · live

The token side

How many tokens exist on each network, who holds them, and every transfer ever made. Public, permanent and verifiable by anyone, at any time. Requires trusting nobody.

Off-chain · quarterly

The reserve side

Whether peso reserves exist and are sufficient to back those tokens. Held at financial institutions, so no blockchain can show it. Established by an independent accounting firm each quarter, with the reports below — which requires trusting the auditor.

Smart contract security audit

AuditorCertiK
ReportSecurity Assessment — final report 12 May 2026 (preliminary findings 14 October 2025)
Scopecontracts/MEXAS.sol in the public mexas-stablecoin repository, at commits 02a21ea and bb91ec3
MethodsFormal verification, manual review, static analysis
Findings0 critical, 0 major, 0 medium. 1 minor, acknowledged. 2 centralization findings, mitigated by multisig ownership.

Read the full report (PDF)

The same report is listed on CertiK Skynet, so you can confirm it came from the auditor rather than taking our copy on trust.

What the findings say

  • Two centralization findings concern the owner role, which can upgrade the contract, mint, block an address and destroy its balance, and pause transfers — the same powers set out in the whitepaper. On every network, ownership has been moved to a multisig wallet, so no single key can use them. CertiK’s view is that this reduces the risk but does not eliminate it. It also recommended a timelock on privileged actions and advance notice of upgrades; neither is in place today.
  • One minor finding is a coding-style issue: a parameter name in permit shadows the contract’s owner function. The team acknowledged it and did not change the code.

Is the audited code what is actually deployed?

Yes. An audit only means something if it covers the contract you hold, so we checked. The verified source of the deployed implementation is identical to contracts/MEXAS.sol at the audited commits, and every network — Ethereum, Arbitrum One, Avalanche C-Chain, Base and BNB Smart Chain — runs that same contract logic. Anyone can repeat the comparison: the source is verified on-chain and the repository is public.

An audit is a review at a point in time, not a guarantee. It does not certify that the code is free of defects, and it says nothing about the reserves. If the implementation is ever upgraded, the new code is not covered by this report.

Proof of reserves

Every quarter, the accounting firm Ferrer & Asociados checks the pesos held in the reserve bank accounts against the number of Mexas in circulation, summed across every network, at 23:59:59 (UTC−6) on the last day of the quarter. It also reconciles the quarter’s bank movements against the matching on-chain movements. Each report is published here in full, in the Spanish original.

QuarterSnapshotMEX in circulationPeso reserves (MXN)CoverageReport
Q1 202631 Mar 20268,132,290.1312,489,352.98153.58%PDF
Q4 202531 Dec 20258,642,290.1312,804,755.05148%PDF
Q3 202530 Sep 202527,519,955.5631,420,426.56114%PDF
Q2 202530 Jun 202567,120,708.8970,240,000.32105%PDF
Q1 2025*31 Mar 202545,274,106.4847,625,262.57105%PDF
Q4 2024*31 Dec 2024555,1171,896,340342%PDF

Figures and coverage as stated in each report. Coverage is peso reserves divided by MEX in circulation. *Liquid Network only: the EVM deployments began in April 2025, and every report from Q2 2025 onward covers all networks.

What counts as “in circulation”

Only tokens that have been released against pesos. Tokens minted but still held by the issuer have never been sold, are not in circulation and need no backing, which is why each network’s total supply on its block explorer is larger than the circulating figure above. The reports list both, network by network.

What these reports do not tell you

  • They are not a financial-statement audit. The reports say so themselves: they are not an audit of the issuer’s financial statements, nor a certification of its general solvency.
  • They rely on information the issuer supplies. The firm works from bank statements and financial statements provided by the issuer, plus public blockchain data. Bank balances are not public, so on the reserve side you are trusting the auditor.
  • Each one is a snapshot. A report shows the position at one moment at the end of the quarter. It says nothing about the days in between.

What you can verify right now

The token side of the ledger is already fully public. Every deployment below is open to inspection by anyone, at any time, with no permission needed and no report to wait for.

  • Ethereum ERC-20 · 6 decimals · Chain ID 1 Etherscan ↗
    Contract0x6E8B146AF16429b037ecE5943F3c0E5f412ddFA7
  • Arbitrum One ERC-20 · 6 decimals · Chain ID 42161 Arbiscan ↗
    Contract0xc4c2EdE4F6fD623ACc86C492BDF099b3bA2B8303
  • Avalanche C-Chain ERC-20 · 6 decimals · Chain ID 43114 Snowtrace ↗
    Contract0x6E8B146AF16429b037ecE5943F3c0E5f412ddFA7
  • Base No supply ERC-20 · 6 decimals · Chain ID 8453 Basescan ↗
    Contract0xc4c2EdE4F6fD623ACc86C492BDF099b3bA2B8303
  • BNB Smart Chain No supply ERC-20 · 6 decimals · Chain ID 56 BscScan ↗
    Contract0x405E5F9C7D6F6E9f03a5b64e275f374507734fD6
  • Liquid Network Issued asset · 8 decimals · liquidv1 Blockstream ↗
    Asset ID26ac924263ba547b706251635550a8649545ee5c074fe5db8d7140557baaf32e

Check every character, and the network. Each network has its own address, and the same address can appear on more than one network as a different contract. Counterfeit tokens are routinely deployed at addresses that match a real one at the first and last few characters — all most wallets show you. Take these from this website, never from a message, a reply or an advertisement. How to verify →

Questions

If you are an exchange, custodian or institutional counterparty and need diligence material beyond these reports, contact us directly: contact@mexas.io. Common questions are answered in the FAQs.