Digital assets treasury is becoming more important as corporate treasury teams start to hold, move, and report digital assets under clearer rules. A digital assets treasury function now has clearer accounting standards, defined stablecoin regimes in major markets, and better tooling for controls. This article looks at what is changing operationally, without offering any view on which assets a company should buy or sell.
Why treasury teams are looking at digital assets
The practical driver is settlement, not speculation. Digital assets treasury helps finance teams think about stablecoin settlement, cross-border payments, subsidiary funding, and working-capital movement in a controlled way. Stablecoins, tokens designed to hold a steady value against a fiat currency, can move value between parties in minutes rather than through multi-day correspondent banking chains. For treasury, that touches three everyday problems: paying suppliers and contractors across borders, funding subsidiaries in different currencies, and holding working-capital balances that can move when needed. Where a company already receives or pays in stablecoins, treasury has to manage those balances whether or not it sought them out.
The regulatory picture has firmed up
Two developments matter most for treasury planning. Digital assets treasury planning now needs to account for defined stablecoin rules in major markets.
In the European Union, the Markets in Crypto-Assets Regulation (MiCA) brought stablecoins into a defined framework. Its rules for asset-referenced tokens and e-money tokens began to apply on 30 June 2024, and e-money token issuers must be authorised credit or e-money institutions, allow redemption at par at any time, and are barred from paying interest to holders (21Analytics). That last point shapes how a euro stablecoin can be used: it is a payment and settlement instrument, not a yield product.
In the United States, the GENIUS Act was signed into law on 18 July 2025. It requires payment stablecoins to be fully backed by liquid assets such as US dollars or short-dated Treasuries, mandates monthly public disclosure of reserve composition, and restricts issuance to permitted issuers (White House). For a treasury team, the significance is that the instruments it might use now have named issuers operating under defined reserve rules.
Neither regime removes the need for a company to understand the specific token it holds, its issuer, and its redemption terms. Those details determine liquidity and counterparty risk.
Accounting and reporting
The accounting question that held many finance teams back has an answer. Digital assets treasury reporting needs reliable valuation, wallet ownership records, transaction history, and reconciliation discipline. Under FASB ASU 2023-08, in-scope crypto assets are measured at fair value at each reporting date, with gains and losses recognised in net income, effective for fiscal years beginning after 15 December 2024 (FASB). Assets in scope must be shown separately from other intangibles, with specified disclosures.
Stablecoins pegged to a fiat currency behave differently in reporting from volatile assets, but the record-keeping demands are similar: a price source for each reporting date, a reconciled transaction history, and documented ownership of each wallet. Treasury should agree the treatment with auditors before holding balances at scale.
Traditional cash versus stablecoin balances at a glance
| Feature | Bank cash | Stablecoin balance |
|---|---|---|
| Settlement speed | Same day to several days | Minutes, around the clock |
| Counterparty | Regulated bank | Token issuer and reserve structure |
| Redemption | Deposit withdrawal | Redemption at issuer, terms vary by regime |
| Records | Bank statements | On-chain ledger plus internal records |
Operational considerations
Digital assets treasury adoption is mostly a controls exercise involving custody, approvals, conversion, screening, and reconciliation. The important design points are:
- Custody: whether keys are held in-house, with a regulated custodian, or through multi-party computation wallets that split key control across parties
- Approval workflows: threshold signing and segregation of duties, so no single person can move funds alone
- Conversion: reliable routes between stablecoins and bank money, so fiat obligations can be met on schedule
- Screening: sanctions and counterparty checks on the parties a company transacts with
- Reconciliation: matching on-chain records to the general ledger on a regular cycle
A company that already runs disciplined cash controls has most of the governance thinking in place. The work is translating those controls into the wallet and signing layer. For the broader operating model, see crypto treasury management.
Where the compliance line sits
A point worth stating plainly: holding and using stablecoins does not make a company a stablecoin issuer or a licensed money-services business. Issuance, custody of client funds, and virtual asset service provider registration sit with regulated issuers and infrastructure partners. A corporate treasury using these instruments is a user, with its own obligations around screening, record-keeping, and reporting, but not the issuer’s licensing burden. Keeping that distinction clear avoids over-scoping a project.
Building the capability
Most teams build digital assets treasury capability in stages: a small holding for a specific payment corridor, then wider use once controls and reporting are proven. The building blocks are wallets, signing controls, on and off-ramp connections for converting to and from fiat, and a reporting feed into the ledger. The infrastructure for reliable conversion is covered in crypto-to-fiat on/off-ramp infrastructure. Starting narrow keeps the compliance and accounting questions manageable while the team builds confidence.
Frequently Asked Questions
Are stablecoins legal for corporate treasury use?
They operate under defined frameworks in major markets. The EU regulates them through MiCA, and the US GENIUS Act sets reserve and disclosure rules for payment stablecoins (White House). A company should confirm the position in each jurisdiction where it operates and understand the specific token it uses.
How are digital assets accounted for?
Under US GAAP, FASB ASU 2023-08 requires fair-value measurement with changes in net income and separate presentation, effective for fiscal years beginning after 15 December 2024 (FASB). Confirm the applicable standard with your auditors.
Does using stablecoins make us a regulated crypto business?
No. Using stablecoins for payments and settlement is different from issuing them or providing custody to others. Issuance and custody obligations rest with regulated issuers and infrastructure partners, while a corporate user carries its own screening and record-keeping duties.
Can a euro stablecoin pay interest?
Under MiCA, e-money token issuers may not grant interest to holders (21Analytics). Treat euro e-money tokens as a settlement instrument rather than a return-bearing holding.
Artha Fintech provides the software that lets a treasury team hold, move, and reconcile digital assets alongside fiat, with wallets, controls, and ledger reporting in one place, while issuance, custody, and licensing stay with the client or regulated infrastructure partners. To plan a digital-asset capability inside your finance function, explore corporate treasury.
