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10/13/2026

FASB Proposes Stablecoin Accounting Shift; XRP Ledger Patch Raises Governance Questions

What happened: The Financial Accounting Standards Board (FASB) has proposed an update allowing certain stablecoins to be classified as cash equivalents, provided they meet strict redemption and reserv

FASB Proposes Stablecoin Accounting Shift; XRP Ledger Patch Raises Governance Questions

What happened: The Financial Accounting Standards Board (FASB) has proposed an update allowing certain stablecoins to be classified as cash equivalents, provided they meet strict redemption and reserve criteria. The public comment period runs until November 19, 2026. Meanwhile, the XRP Ledger Foundation deployed an emergency patch on September 25 to fix an 11-year-old integer overflow bug that could have enabled the minting of up to 18.5 trillion XRP. The patch was implemented by bypassing the usual amendment-vote system, a first in over a decade.

Why it matters: The FASB proposal could significantly ease accounting for institutional stablecoin holders, but only if adopted after the comment period. However, the XRP Ledger's emergency patch has reignited debates over decentralization, as critics argue that bypassing the established governance process undermines XRP's positioning as a decentralized asset—especially relevant given ongoing regulatory scrutiny.

Source: Cointelegraph, Forkast, Cointelegraph, Crypto Briefing