Circle Responds to the FASB's Invitation to Comment on its 2025 Agenda Consultation

Circle Internet Financial has submitted a comment letter to the Financial Accounting Standards Board (FASB), advocating for the alignment of payment stablecoins with the definition of "cash equivalents" under U.S. Generally Accepted Accounting Principles (GAAP). Circle argues that the growing use of stablecoins like USDC and EURC in the digital financial ecosystem necessitates a revision of this definition to provide clarity and consistency in financial reporting. The company highlights the importance of this update, noting that the U.S. Congress is advancing legislation, including the recently passed GENIUS Act, which supports the classification of stablecoins as cash equivalents. Circle emphasizes the need for the FASB to offer authoritative accounting guidance to ensure consistent practices, as stablecoins become more integrated into the financial system. The company expresses its appreciation for the FASB's consideration of emerging issues and looks forward to continued collaboration to support innovation and stability in the evolving internet financial system.

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