FASB Proposes Stablecoin Cash-Equivalent Conditions

The proposal draws the line at the issuer relationship rather than the token's market, meaning balance-sheet treatment hinges on redemption rights that many stablecoin holders structurally lack. That distinction matters most for corporates and funds treating stablecoins as cash-like for reporting purposes, since secondary-market depth would no longer substitute for direct claims. The open question is whether the final rule keeps that issuer-centric test or widens it to accommodate other redemption models.