The latest proof of reserves review for ZAR Supercoin (ZARSC) provides an updated view of the stablecoin’s reserve position and circulating supply. According to an agreed-upon procedures report conducted by Moore Blockchain and Digital Assets JHB (Pty) Ltd for Super Money SA (Pty) Ltd, the ZARSC Reserve Coverage Ratio reached 156.12% as of 31 July 2026 at 14:00 UTC.
The review examined the relationship between circulating ZARSC tokens and reserve assets held to support them. Based on the procedures performed, eligible reserve assets attributable to circulating ZARSC exceeded the amount of ZARSC in circulation at the snapshot date.
ZARSC Reserve Coverage Ratio and Circulating Supply
The reported ZARSC Reserve Coverage Ratio was calculated using eligible reserve assets attributable to circulating tokens divided by the amount of ZARSC in circulation. As of the snapshot date, ZARSC in circulation totaled 4,428,546.93 tokens. Eligible reserve assets attributable to circulating supply amounted to ZAR 6,914,054.37, resulting in a reserve coverage ratio of 156.12%.
The review found that total issued ZARSC supply stood at 4,927,042.00 tokens. Of that amount, 498,495.07 ZARSC was classified by management as non-circulating because it remained under issuer control and had not been allocated or made available to customers, exchanges, liquidity providers, market makers, or other third parties.
After deducting the non-circulating balance, circulating supply was calculated at 4,428,546.93 ZARSC. The report also confirmed that the aggregate balance of all identified token accounts matched the total issued supply, with no differences identified during the reconciliation process.
Reserve Asset Structure and Proof of Reserves Findings
The proof of reserves review reported fair value reserve assets of ZAR 7,412,549.44. The reserve assets consisted entirely of South African rand-denominated cash balances and bank deposits held with Absa Bank Limited. Management stated that the reserves were maintained separately from operational accounts and were not subject to encumbrances.
A management-designated amount of ZAR 498,495.07 was attributed to the non-circulating ZARSC supply and excluded from reserve assets supporting circulating tokens. After this adjustment, reserve assets attributable to circulating supply totaled ZAR 6,914,054.37.
The report further noted that ZARSC operates on the Solana blockchain under the Token-2022 program. Management indicated that the stablecoin is backed by off-chain fiat reserves and that, at the snapshot date, the reserve assets comprised liquid cash reserves held in a current account denominated in South African rand.
The agreed-upon procedures were performed under ISRS 4400 (Revised). The engagement did not constitute an assurance engagement, and the reviewer did not express an audit opinion or assurance conclusion. However, based on the procedures performed, eligible reserve assets attributable to ZARSC in circulation were found to be equal to or greater than the circulating supply as of 31 July 2026. The resulting reserve coverage ratio was reported at 156.12%.
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