U.S. Accounting Standards Body Proposes Stablecoins Could Be Classified as Cash Equivalents
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FASB has proposed that qualifying stablecoins be classified as cash equivalents — alongside Treasuries and money-market funds — giving them the same accounting status as traditional financial assets.
What does this proposal actually say?
The Financial Accounting Standards Board (FASB — the body that sets US corporate accounting rules) published a proposal on August 18 that would let certain stablecoins be classified as "cash equivalents."
Cash equivalents are the assets closest to cash on a balance sheet — typically Treasuries, commercial paper, and money-market funds.
This means → qualifying stablecoins would no longer sit in an ambiguous accounting category; they would share a line with government bonds.
Which stablecoins would qualify?
The proposal sets three hurdles: the issuer must hold liquid reserves and disclose their composition annually, reserves must be at least equal to total tokens in circulation, and holders must be able to redeem at face value for US dollars at any time.
In plain terms = for every coin you issue, you need at least that much real money in the bank — and users must get every cent back on demand.
Under these criteria, only a handful of major stablecoins — those pegged to the dollar with transparent reserves — are likely to qualify.
Why is the rule only coming now?
FASB acknowledged that market participants have disagreed on how to account for stablecoins — different auditors could classify the same token differently.
The board has been writing crypto-specific accounting rules since 2023; this proposal is the latest step.
This reflects a broader pattern: regulators are translating crypto assets into traditional accounting language, item by item, rather than leaving them in a rule-free zone.
How far is this from taking effect?
The proposal is not yet a final standard. FASB will accept public comments until November 19, after which it enters the final rule-making process.
This means → the earliest possible effective date is next year, and the rule could still be revised or shelved.
For companies holding stablecoins, the key question now is whether their holdings meet those three hurdles — tokens that fall short still have no clear accounting identity.
Content is for reference only, not financial advice.