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Tempo, a blockchain project backed by global payments infrastructure company Stripe, said a proposed U.S. accounting standards revision could accelerate corporate stablecoin adoption, according to Cointelegraph.
In its latest report, Tempo said the proposal from the Financial Accounting Standards Board, or FASB, could remove a key barrier that has held back corporate stablecoin adoption. If implemented, qualifying stablecoins could be classified as cash equivalents on financial statements, which would make them more useful for corporate treasury management and operations, Tempo said.
FASB plans to collect public comments on the proposal through Nov. 19 before deciding on a final version and implementation timing.
CoinNess previously reported that FASB had proposed revising accounting standards to allow stablecoins to be classified as cash equivalents.