Here’s what happened in crypto today

Today in crypto, a new report from Stripe-backed blockchain Tempo argues that proposed US accounting rules could remove a major barrier to corporate stablecoin adoption, the Financial Stability Board (FSB) warned G20 officials about stablecoin oversight gaps and AI-related financial risks and XRP Ledger developers defended an emergency security patch that bypassed the network’s usual voting process.

US accounting proposal could clear path for corporate stablecoin adoption

A proposed change to US accounting standards could make it easier for corporations to hold and use stablecoins without compromising their reported cash positions, according to a new report from Stripe-backed blockchain Tempo.

The Financial Accounting Standards Board (FASB) is considering allowing qualifying stablecoins to be classified as cash equivalents on corporate balance sheets. Currently, companies may have to report stablecoin holdings as other assets, which can affect liquidity ratios and compliance with loan covenants.

Tempo said the proposed treatment would depend on whether companies have direct redemption rights with stablecoin issuers. This means two companies holding identical USDC tokens could receive different accounting treatment depending on their arrangements with Circle.

For example, Coinbase classified USDC and other payment stablecoins as cash equivalents in its 2025 annual report, supported by its direct redemption arrangement with Circle.

The proposal follows the passage of the GENIUS Act, which established federal requirements for payment stablecoin issuers. FASB’s separate initiative addresses how businesses account for those assets.

The accounting proposal remains open for public comment until Nov. 19.

Global watchdog flags stablecoin risks, AI threats ahead of G20

The FSB, a global financial watchdog, has outlined financial stability risks associated with artificial intelligence and regulatory concerns surrounding stablecoins.

In a letter published Monday, FSB Chair Andrew Bailey warned that cross-border mechanisms for stablecoin oversight and crisis management “remain immature or are not yet developed.” In its 2025 review, the FSB found that 11 of 28 surveyed jurisdictions had finalized stablecoin regulatory frameworks.

He also urged G20 members to support the FSB’s newly finalized practices for responsible AI adoption in the financial sector.

“AI therefore requires our continued close attention alongside careful management by financial institutions,” Bailey wrote.

The FSB submitted the letter to G20 finance ministers and central bank governors ahead of their Thursday meeting. The G20 brings together the world’s major economies to coordinate financial policy and regulatory priorities.

XRP Ledger defends emergency patch for unlimited XRP bug

XRP Ledger developers have defended the emergency security patch used to fix a bug capable of creating XRP beyond the network’s fixed supply, saying they could not wait for the network’s usual two-week validator vote without exposing the flaw to attackers.

The fix, released on Sept. 25, came three days after a bug bounty report, and took effect immediately on any server that installed it. It was the first deliberate bypass of the normal amendment process since the system was introduced more than ten years ago, they said. 

“With a normal amendment vote, the fix would have been public for weeks before it took effect, risking network security,” XRPL developers said in an X post on Sunday. 

The expedited fix led to questions about XRPL’s level of decentralization. On its website, XRPL claims it is a fully decentralized, public blockchain — a characterization that has been central to arguments that its native token, XRP, is not a security.