How should different stablecoins be classified for accounting purposes?
For a trading company in Abidjan or Dakar, the word “stablecoin” is not enough to select an account. Start with the right actually held: against whom can the company enforce it, for what consideration and on what terms? A token advertised at one dollar and a claim redeemable in dollars are not necessarily the same asset.
This article addresses the classification file under SYSCOHADA for a non-financial business. It offers neither a universal account number nor a journal entry applicable to every token. Its purpose is to help the CFO assemble the evidence needed for a reasoned accounting position.
Start with rights, not the stabilisation mechanism
AUDCIF governs accounting and establishes SYSCOHADA. Articles 3, 6 and 8 require, among other things, prudence, faithful reporting and internal controls. The framework has applied to individual financial statements since 1 January 2018. These principles support a documented assessment; they do not automatically classify every stablecoin. Regulated sectors may use specific frameworks. [S1]
The following matrix is a BECTRA analytical method. Conclusions require the actual contract and applicable accounting framework. Reserves or collateral do not remove the need to establish the holder's own enforceable rights.
Observed arrangement | Question the file must resolve |
|---|---|
Currency-backed token with a redemption commitment | Does this company itself have an enforceable and accessible redemption right, or does it depend on an intermediary? |
Token collateralised by cryptoassets | Who can enforce rights over the collateral, and what liquidation restrictions apply? |
Token relying mainly on an algorithmic stabilisation mechanism | Is an identifiable debtor obliged to pay money, or is selling the token the only exit? |
Token presented as representing gold or another asset | Does the contract confer ownership, a claim against an issuer, a delivery right or only price exposure? |
Retain dated issuer documentation, custodian terms, the holder's identity and restrictions affecting the company's country. A reserve attestation concerns a pool of assets; it does not replace the assessment of an individual claim. A blockchain address evidences a technical position; attributing that position to the company requires separate evidence.
Worked example: two holdings of 10,000 units
An Ivorian trading company prepares its accounts in XOF. It holds two hypothetical positions of 10,000 units each. The first contract provides redemption against an issuer, subject to conditions requiring verification. The second contains no debtor commitment to pay currency. Both interfaces nevertheless describe the token as “stable”.
For the first holding, assume a purchase price of XOF 650 per unit: XOF 6,500,000, with separately identified fees of XOF 19,500. At year-end, the best exit actually available is estimated at XOF 625 per unit: XOF 6,250,000 before any further charges. The gross difference against the purchase price is XOF 250,000. These figures are fictional. XOF 650 and 625 are assumed transaction prices, not official exchange rates or a published peg.
This finding triggers an assessment; it does not prescribe a XOF 250,000 impairment entry. The company must first determine the nature of its right, treatment of fees, measurement method and any foreign-exchange component. Automatically adding the XOF 19,500 to cost, or recording both an overall loss and an exchange loss on the same difference, could produce an inappropriate or duplicate treatment.
The second holding needs its own analysis. Without a documented redemption commitment, a commercial currency reference alone does not establish a claim against an issuer. Assess the asset's own features and its use. The CFO's immediate decision is to separate the two files, reconcile quantities and obtain two supported conclusions before closing the accounts.
Côte d'Ivoire and Senegal: foreign-exchange compliance is separate
UEMOA Regulation No.06/2024/CM/UEMOA of 20 December 2024 governs external financial relations. BCEAO Instruction No.01/07/2025/RFE of 7 July 2025, effective 1 August 2025, sets out procedures for settlements with foreign countries or non-residents, including through authorised intermediaries. [S2–S3]
These instruments are not a general permission to buy, hold or transfer any stablecoin. The company needs a review of its actual route: residence of counterparties, source of funds, payment purpose, accounts used and supporting documents for the relevant intermediary. An asset may need to be recorded while regulatory questions remain unresolved. Accounting recognition does not regularise the transaction.
The useful closing deliverable
For each asset, assemble a contractual-rights record, holding evidence, a units/transactions/ledger reconciliation, a classification and measurement memorandum, and unresolved regulatory questions. The memorandum should identify facts, sources, reasoning, rejected alternatives and the person responsible for approval.
BECTRA can help build this file and reconcile transactions to the accounts. The intended output is a position explainable to the statutory auditor and a precise list of missing evidence, without inventing specific local guidance where the reviewed sources do not support a conclusion. The final account classification remains dependent on the actual case and the entity's framework.
Conclusion
Two stablecoins should not receive identical treatment merely because their names or displayed prices look alike. Under SYSCOHADA, the decision starts with established rights, reconciled quantities and a supported method. Accounting and foreign-exchange reviews should progress together, with separate conclusions.
Further reading
Sources
Sources reviewed on 26 October 2026. Matrices, examples and calculations are BECTRA analysis; cases are hypothetical.
[S1] OHADA, AUDCIF of 26 January 2017 and annexed SYSCOHADA, especially Articles 3, 5, 6 and 8; Official Journal publication 15 February 2017. — Read the source
[S2] BCEAO, Regulation No.06/2024/CM/UEMOA of 20 December 2024 on external financial relations. — Read the source
[S3] BCEAO, Instruction No.01/07/2025/RFE of 7 July 2025, Articles 1, 2 and 12. — Read the source
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