The SEC just dropped the capital haircut on payment stablecoins from 100% to 2%. A massive signal shift for corporate treasury. What most teams are missing: the accounting guidance hasn't caught up. FASB is waiting on legal clarity. Legal is waiting on implementation. Your auditor is waiting on FASB. The companies getting ahead of this are building the ASC 230 memo now, documenting redemption enforceability, and having the auditor conversation before they take a position. The one thing you can't build from public sources → The issuer's legal opinion on your recovery rights in an insolvency scenario. That's the document that separates a defensible classification from one that gets unwound at audit.