The Financial Accounting Standards Board (FASB) is considering a rule change that could permit certain stablecoins to be classified as cash equivalents on corporate balance sheets, according to a report by Stripe’s Tempo. This proposed accounting standards revision, if adopted, could significantly impact how companies report their liquidity and manage financial covenants.
The public comment period for the FASB proposal concludes on November 19th. A key condition for a stablecoin to be recognized as a cash equivalent under the proposal is the existence of a direct redemption right with the stablecoin issuer. this may indicate that simply purchasing a stablecoin, even one fully backed by U.S. dollars, does not automatically qualify it as a cash equivalent if the redemption mechanism is not direct with the issuer.
Currently, many stablecoins, despite being fully backed, are not classified as cash reserves on corporate balance sheets. This can lead to understated liquidity ratios and potentially trigger violations of loan covenants. The FASB’s proposal aims to address this discrepancy, allowing qualifying stablecoins to be treated as cash, thereby providing a more accurate reflection of a company’s liquid assets.
Coinbase, for example, has already classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, based on its direct redemption mechanism with Circle. Stripe’s Tempo report highlights that the contract arrangement between a company and the stablecoin issuer is the determining factor for this classification.
This potential accounting shift is occurring alongside the development of regulatory frameworks for stablecoins. The GENIUS Act, a federal regulatory framework for payment stablecoins, was passed in July 2025 and is slated to become effective in January 2027, or 120 days after regulatory agencies complete implementation rules, whichever is earlier. While the GENIUS Act focuses on issuer responsibilities, the FASB proposal addresses the accounting treatment for holders.
Together, the GENIUS Act and the FASB proposal are seen as forming a foundational infrastructure for the U.S. stablecoin ecosystem, which has a market size for USD-backed stablecoins exceeding $300 billion.
Uncertainties remain regarding the specifics of the FASB proposal. It is not yet clear which stablecoins will qualify, nor if companies already holding stablecoins will need to adjust their redemption channels. Details on transition periods for companies to adapt to the new rules are also pending.
Broader U.S. government initiatives may also promote USD-backed stablecoins internationally. Reports suggest the Trump administration is evaluating projects to encourage overseas use of these stablecoins. The proposed accounting change is viewed as a critical step in this strategy, potentially removing reporting and banking limitations that could hinder corporate use of stablecoins.
Why This Matters
The materials describe a narrow update: A report by Stripe’s Tempo suggests that a proposed accounting standards revision by FASB could permit qualifying stablecoins to be listed as cash equivalents on corporate balance sheets, provided there is a direct redemption right with the issuer. Which specific stablecoins will qualify for classification as cash equivalents.
Broader Context
Source materials place the factual news in this context: Stripe 旗下 Tempo 發布報告指出，FASB 八月的會計準則修訂案可能讓符合條件的穩定幣列為企業資產負債表的「現金等價物」，關鍵在於是否擁有與發行者之間的直接贖回權。.
