Tempo: an accounting reform in the U.S. could make stablecoins more attractive to corporations

They are considering a proposal from the Financial Accounting Standards Board (FASB). At present, holdings of stablecoins may not be counted as part of a company’s reported cash reserves. This affects liquidity ratios and the terms of loan agreements, even if the tokens are fully backed by dollars.

The FASB proposal would require companies to have direct redemption rights with stablecoin issuers. In its 2025 annual report, Coinbase classified USDC and other payment stablecoins as cash equivalents. This is supported by an agreement with Circle. The FASB proposal remains open for comment until November 19. After that, the organization will approve the accounting changes and set the effective date.