Stablecoin treasury management gets harder when a company wants to turn a customer’s dollar token into money it can use under its cash policy. The payment may already be visible in the company’s wallet. What the treasurer can do next depends on who will redeem the token and whether the proceeds can reach an account or an investment the company is allowed to hold.
Nader Souri, head of digital and corporate banking at BNY, described that problem in a BFRR interview with Jonas Gross and Jonathan Knoll of etonec. He traced the bank’s approach to Libra, where he and Knoll explored how BNY might service the proposed reserve. Libra never issued its coin. The work BNY considered included familiar tasks such as holding reserve assets and moving cash in and out.
Legal and compliance teams joined early, Souri recalled. Breaking the proposal down into credit, liquidity and operational risks gave those teams a way to assess it under the bank’s existing controls. Souri argues that supervisors should see that work early enough to shape it.
What the treasurer holds after a sale
In Souri’s example, a company accepts a stablecoin and then decides what to do with the proceeds. It could convert them to a tokenized bank deposit or buy shares in a tokenized money market fund, depending on its investment policy and the services available to it. The choices resemble those a treasurer makes with ordinary cash. Each puts a different kind of asset on the balance sheet.
A reserve-backed dollar stablecoin relies on the issuer’s redemption arrangements. A tokenized deposit represents a claim against the issuing bank. A tokenized money market fund share is an interest in a fund that invests in short-term instruments, and the fund’s terms govern redemptions. Moving the same proceeds from one instrument to another changes what the company owns and whose terms determine when it can get dollars back.
BNY’s January 2026 rollout shows how specific a live deposit service can be. The bank mirrored participating clients’ existing demand deposits on its private blockchain for collateral and margin workflows. It kept recording the balances in its conventional systems. In that announcement, BNY described the ability to move cash in near real time according to preset rules as a future step.
Where the bank fits between issuer and client
BNY’s work with Circle illustrates a different arrangement. BNY is the primary custodian for the reserves behind USDC, which Circle issues. In June 2026, BNY announced that its institutional clients could instruct Circle through the bank’s custody platform to issue USDC against dollars or redeem tokens for dollars.
Souri sees room for competing stablecoins alongside deposits and funds. In that model, issuers can compete for users while relying on some of the same institutions to hold reserves or handle conversions. Open USD also separates issuance from distribution. Open Standard announced the dollar token in June and launched it in September. Bridge issues it, and businesses can integrate it through providers including Stripe and Coinbase.
Access also varies by market. In October, BNY expanded crypto-asset custody under the EU’s Markets in Crypto-Assets Regulation, known as MiCA, for select institutions. That month, the Dutch central bank authorized Qivalis, a company backed by European banks, as an electronic money institution. Qivalis said its planned euro token remained subject to MiCA requirements, including publication of a white paper. For a treasurer, the two developments bear on separate decisions about which assets it can hold today and which payment routes it might use later.
Where stablecoin treasury management meets accounting
For Souri, a central barrier for multinationals is whether the wallet connects to the treasury and accounting systems they already use. A treasurer needs to know how much cash is available to each entity. The accounting team needs enough information to match a transfer to an invoice. The company also needs a way to record what it received when it converted the token. Stablecoin treasury management depends on whether that whole sequence fits into the company’s approval and reconciliation processes.
Outside banking hours, a wallet can show a receipt while redemption or internal approval is still pending. The company can reduce the cash it sets aside in advance only if the proceeds reliably reach the account that funds its next payment before it comes due.