FASB Proposal Sparks 'Enormous Strategic Unlock' for Stablecoins, Says Circle Co-Founder

Circle's co-founder Jeremy Allaire has hailed the recent accounting proposal from the U.S. Financial Accounting Standards Board (FASB) as an 'enormous strategic unlock' for stablecoins like USDC.

The FASB proposal would allow financial institutions and corporations to classify certain stablecoins, including USDC, as cash equivalents, making it easier for companies to hold tokens.

This development comes after the passage of the GENIUS Act, which Allaire believes will pave the way for wider usage of stablecoins like USDC. The company's co-founder gave the proposal a 'nine out of 10' rating.