The Financial Accounting Standards Board has proposed U.S. accounting guidance that could allow certain stablecoins to be presented as cash equivalents under existing GAAP, provided they are readily convertible into a known amount of cash and carry insignificant risk of changes in value. The proposal would add examples to Topic 230, Statement of Cash Flows, rather than create a new accounting category for digital assets or automatically classify every dollar-pegged token as cash. FASB's approach centers on high-quality reserves maintained at least one-to-one against outstanding tokens and a direct, enforceable right for the holder to redeem with the issuer on demand, while making clear that a stable price, secondary-market liquidity or branding alone would not satisfy the test. The proposal is open for public comment until November 19, 2026. Companies will also need to disclose the significant components of cash equivalents annually, including categories such as Treasury bills, money market funds, and stablecoins. The guidance could change balance-sheet presentation, cash-flow reporting and disclosure of significant classes of cash equivalents, including material stablecoin holdings, but it would not make tokens legal tender, remove counterparty or de-pegging risk, or guarantee redemptions during market stress. Companies would still need to assess each token's contractual terms, legal enforceability, restrictions, custody arrangements and ongoing eligibility individually.