US accounting overhaul could make stablecoins more attractive to corporations: Tempo
Summary
A proposed FASB accounting update could allow qualifying stablecoins to count as cash equivalents, easing their use in corporate treasury, payments and settlements. Tempo says companies would need direct redemption rights with the issuer; buying tokens through an exchange may not qualify. Coinbase reported treating USDC and other payment stablecoins as cash equivalents, citing its redemption arrangement with Circle. The proposal is open for public comment until Nov. 19, after which FASB will review feedback and set any final rules and effective date. The update addresses accounting, while the GENIUS Act establishes federal requirements for payment stablecoin issuers. Dollar-backed stablecoins have exceeded $300 billion in market value.
