Crypto assets – Accounting for stablecoins, staking, and lending

Oct 14, 2025

Guest

Ryan Blacker

Guest

John Vanosdall

Guest

Beth Paul

Join Beth Paul, Deputy Chief Accountant at PwC, John Vanosdall, Partner focused on digital assets, and Ryan Blacker, Director specializing in crypto assets, as they delve into the fascinating world of stablecoins, staking, and lending. Discover how the GENIUS Act impacts stablecoins and what factors influence their accounting classification. Learn about the mechanics of staking, including how delegators earn rewards, and the nuances of crypto lending. This engaging discussion highlights the evolving landscape of crypto asset accounting.

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INSIGHT

Stablecoins Are Pegged And Now Regulated

Stablecoins aim to peg to a non-volatile asset, often the US dollar, using collateralized reserves.
The GENIUS Act creates a regulatory framework for payment stablecoins with reserve and disclosure requirements.

ADVICE

Read Terms To Classify Stablecoins

Read the stablecoin issuer's terms to determine redemption rights, geographic limits, and reserved assets.
Use those contract details to decide whether the stablecoin is a financial asset or an intangible.

INSIGHT

Cash Equivalent Status Isn’t Automatic

Even if a stablecoin is a financial asset, it only qualifies as a cash equivalent if it meets GAAP and the company's policy.
Key cash-equivalent traits include short maturity, high liquidity, and redeemability without penalty.

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In this episode of our crypto asset mini-series, we explore common transaction types—stablecoins, staking, and lending. The discussion addresses the accounting, including how contract terms and fact patterns can significantly influence the appropriate accounting model.

In this episode, we discuss:

2:17 – Overview of stablecoins, including the impact of the GENIUS Act
9:01 – Accounting for stablecoins
15:50 – Overview of staking and the accounting by delegators
24:14 – Accounting for crypto asset lending transactions

For more information, see our Crypto assets guide. You can also listen to the previous episode in this series, Crypto assets – Accounting and reporting foundations.

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About our guests

Beth Paul is a Deputy Chief Accountant in PwC’s National Office responsible for a team of consultants that specialize in business combinations and related areas, such as consolidations, disposals, impairments, and segment reporting. She has over 30 years of experience consulting with clients and engagement teams on complex accounting matters.

John Vanosdall is a partner in PwC’s National Office focused on digital assets, revenue, and compensation arrangements. John previously served as both a Deputy Chief Accountant and Professional Accounting Fellow in the Office of the Chief Accountant at the SEC. Prior to re-joining the National Office, he served as the firm’s Accounting Advisory Leader. John has over 20 years of experience and has served some of the firm’s largest clients as a client service partner.

Ryan Blacker is a director in PwC’s National Office specializing in the accounting for business combinations and crypto assets. Ryan consults with clients and engagement teams on complex accounting and financial reporting matters related to these topics.

About our guest host

Diana Stoltzfus is a partner in the National Office who helps to shape PwC’s perspectives on regulatory matters, responses to rulemakings and policy development, and implementation related to significant new rules and regulations. Prior to rejoining PwC, Diana was the Deputy Chief Accountant in the Office of the Chief Accountant (OCA) at the SEC where she led the activities of the OCA’s Professional Practices Group.

Transcripts available upon request for individuals who may need a disability-related accommodation. Please send requests to us_podcast@pwc.com

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