Stablecoins for businesses: assessing uses, rights and cash flows
Published 19/12/2024 · Updated 08/09/2026 · Houssen Issouf Aly, French chartered accountant
Crypto-assets · Companies · Directors
Practical guidance for companies and directors. Revised on 7 September 2026.
Identify the purpose first
A business may consider stablecoins for customer receipts, supplier payments or transfers between services. Describe frequency, amounts and expected conversion timing. Connect the decision to invoices, working currency and access to the funds needed.
A stability target, an exchange price and money available in the company bank account are different measures. Market conditions, fees, delays and redemption access can create differences.
Identify the category and rights
The European authorities’ factsheet hosted by ACPR distinguishes EMTs referencing one official currency from ARTs referencing another value, right or combination. It describes an EMT holder’s right to redemption from the issuer at par in the reference currency. It also warns that the word stablecoin does not ensure stability.
Check the exact token, network, issuer and rights documentation. Do not automatically equate a bridged representation or yield-bearing deposit product with direct token ownership. Establish who owes what and the practical redemption conditions.
Map the complete payment process
- Identify contract and invoice currency and terms.
- Confirm asset, network, address and recipient authority.
- Define how the amount due matches the amount transferred.
- Identify fees, timing and differences.
- Arrange conversion or retention under company policy.
- Connect invoice, transaction, fees and accounting evidence.
- Document wrong-network payments, shortfalls and refunds.
A blockchain receipt alone does not substantiate revenue, VAT and exchange-difference treatment. The process must remain understandable to operations and accounting teams.
Include currency exposure
A euro-cost business should assess exposure from an asset referencing another currency. Dollar stability does not imply euro stability.
Fictional example: 10,000 tokens perfectly maintaining one dollar are worth €9,000 at €0.90 per dollar, then €8,500 at €0.85. The €500 difference exists before fees without a dollar depeg. This is neither a forecast nor an accounting entry.
Include payment needs, conversion timing and delayed-access scenarios in cash planning. Assess actual liquidity before treating an exposure as available for payroll.
Keep records and plan exceptions
Retain contracts, redemption terms reviewed, account details and statements. Reconcile quantities and support closing values. Assess classification under the entity’s applicable framework and financial year.
Assign responsibility when conversion is suspended, a transaction remains pending or market value departs from the reference. Keep decision evidence. Selling on a market is not the same process as exercising a right against an issuer.
Apply the review to your business
Which stablecoin is best?
The answer depends on use, rights, service access and constraints. A static brand ranking is less durable than a clear review method.
Does receiving stablecoins remove VAT?
The payment method alone does not determine the invoiced transaction’s VAT treatment. Read the VAT guide.
Explore merchant payments, financial management and ANC guidance, then describe your payment process.