Crypto Today: US Stablecoin Accounting Rules, FSB AI Warning, XRP Ledger Patch

A new report from Stripe-backed blockchain Tempo argues that proposed US accounting standards could remove a major barrier to corporate stablecoin adoption. The Financial Accounting Standards Board (FASB) is considering allowing qualifying stablecoins to be classified as cash equivalents on corporate balance sheets, a shift that would change how companies report liquidity and comply with loan covenants. Tempo noted the proposed treatment could depend on whether companies hold direct redemption rights with stablecoin issuers, meaning two firms holding identical USDC tokens could receive different accounting classifications. Coinbase already classified USDC as a cash equivalent in its 2025 annual report under its existing redemption arrangement with Circle. The proposal, which follows the GENIUS Act's federal stablecoin framework, remains open for public comment until November 19.

The Financial Stability Board has warned G20 officials that cross-border mechanisms for stablecoin oversight and crisis management "remain immature or are not yet developed." In a letter published Monday, FSB Chair Andrew Bailey flagged regulatory gaps and the growing financial stability risks posed by artificial intelligence in the sector. The FSB's 2025 review found that only 11 of 28 surveyed jurisdictions had finalized stablecoin regulatory frameworks. Bailey also urged G20 members to adopt the FSB's newly finalized practices for responsible AI integration in financial services, writing that AI "requires our continued close attention alongside careful management by financial institutions."

XRP Ledger developers defended an emergency security patch that bypassed the network's standard governance voting process, a rare move that has drawn scrutiny from the XRP community. The patch addressed a vulnerability that required immediate remediation before a formal validator vote could be completed. Developers argued the urgency justified the expedited process and committed to a post-mortem review of the decision. The episode highlights ongoing tensions between decentralized governance and rapid incident response in major blockchain networks.

Meanwhile, broader crypto markets saw mixed performance, with SOL climbing 5.06% to $105.69 and XLM gaining 6.17% to $0.1904, while BNB rose 2.84% to $732.64. Bitcoin edged up 2.25% as traders weighed the stablecoin regulatory developments and shifting risk sentiment ahead of key FSB and FASB deadlines.