Good morning, CFOs. Companies would have to disclose significant stablecoin holdings under a FASB proposal; five things we learned from bank earnings; plus, geopolitical risk raises treasurer angst: Tradeweb survey.

The FASB has a plan for stablecoins, and its latest accounting project on digital assets has taken another step forward.

The Financial Accounting Standards Board voted on Wednesday to require companies to disclose significant stablecoin holdings. The proposal is part of a broader move to have companies break out their different types of cash equivalents, the WSJ Leadership Institute’s Mark Maurer writes.

The accounting standard-setter has been researching whether some cryptocurrency assets qualify as cash equivalents as opposed to financial instruments or other asset classifications.

In particular, companies in the industry have been seeking more clarity on booking stablecoins, a popular asset typically pegged to a government currency, such as the U.S. dollar. The board decided to widen the scope to include any companies with cash equivalents on their balance sheet.

Incidentally, the topic of digital assets such as stablecoins came up as well in my conversation this week with Tradeweb’s co-head of global markets, Enrico Bruni, who spoke about the company’s latest global treasurer survey, noting increasing concern over geopolitical risk and higher interest in digital assets.

Read on below for that interview.

📆 Earnings

Abbott Laboratories, Alcoa, Bank of New York Mellon, Charles Schwab, Citizens Financial Group, KeyCorp, Marsh & McLennan, Netflix, PepsiCo, Prologis, Taiwan Semiconductor Manufacturing, Travelers and U.S. Bancorp

Risk management and operating through geopolitical anxiety remain common themes for global treasury and financial professionals, according to the latest survey of treasurers from Tradeweb, which gave the WSJ Leadership Institute an early look at its latest survey findings.

The 2026 Tradeweb ICD Portal Client Survey is based on responses from 120 treasury and finance professionals globally.

Nearly 88% of respondents reported moderate-to-high concern around the current geopolitical environment, with almost half citing “high concern,” an 11-percentage-point increase from last year’s survey.

I spoke this week with Tradeweb’s co-head of global markets, Enrico Bruni, for his insights into the data.

How are geopolitical tensions and market risks impacting treasury strategies?

There is uncertainty as a result of the geopolitical environment, and therefore investing cash in safe products like money-market funds is on the rise. And that is also consistent with historical patterns, and I would say AI, like everywhere else really in the world, is starting to become an enterprise use case, including with corporate treasurers.

What are the top use cases you’re hearing from treasurers on how they use AI?

In the last survey, the majority of people were looking at the use cases and clearly cash management, cash forecasting and the financial reporting functions were the use cases considered. Now, people are actually moving into implementing these use cases.

It's effectively moving from the research phase to the implementation phase, and cash forecasting is the No. 1 use case for responders, followed interestingly by fraud and compliance monitoring.

Are you seeing more interest in digital assets?

This year, 25% of respondents are interested in exploring tokenized money-market funds and 19% are interested in stablecoins, whereas less than 5% reported investing in crypto or digital assets last year.

Super interesting for us, we've been as a company at a tradeable level, really at the leading edge of tokenization in financial markets. We will be following this point, specifically with clients.

When it comes to tokenized money-market funds, the yield is important for treasurers, and also from our perspective what's also interesting and for the fund management perspective, the creators of the money-market fund, there’s a whole host of digitally native corporations that are long cash that would be interested in investing in money-market funds.

To read the survey, click here.

—Walden Siew

Fed drama. Kevin Warsh’s path to leading the Federal Reserve took a key step forward this week—and possibly two steps back, Nick Timiraos writes.

Trump doubles down on firing Powell. Meanwhile, President Trump is pressing the Justice Department’s criminal investigation of Fed Chair Jerome Powell. Trump says he won’t drop the probe and threatened to fire Powell if he doesn’t resign when his term as chair ends next month. “Well then I’ll have to fire him, OK?” Trump said in a Fox Business interview that aired Wednesday.

Five things we learned from bank earnings. The nation’s biggest banks this week painted a reassuring picture of the U.S. economy, saying consumers are still spending despite surging gas prices since the Iran war began. Bank trading desks are raking in money from volatile markets and dealmakers are busier than they have been in a while. Still, they also flagged reasons to be on guard.

Private credit markets. Wall Street is searching for cockroaches in private credit. The industry says it is safe, but investors have been on edge.

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• Altman Attack Suspect Called for ‘Luigi-ing Tech CEOs’ in Online Messages
• The Decades-Old Legal Question at the Heart of the Fed Chair Showdown
• Jim Whittaker, Mountaineer Who Turned REI Into a National Retailer, Dies at 97
• Emerging-Market Pioneer Mark Mobius Dies at 89
• Pentagon Approaches Automakers, Manufacturers to Boost Weapons Production

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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.

Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.

You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.