SACF-02 — Purpose & Exposure: why does your company actually hold stablecoins?
Updated: Aug 29
RESEARCH & INTELLIGENCE • SACF 2026
BECTRA SACF — Stablecoin Accounting & Control Framework • Pillar 2 of 7 • Purpose & Exposure
01 Classification → 02 Purpose & Exposure → 03 Accounting & Measurement → 04 Ownership & Evidence → 05 Counterparty & Infrastructure → 06 Governance & Control → 07 Reconciliation & Reporting
Why does the company hold the stablecoin — and for how long?
Classification alone is not enough. The company should also document why it holds the stablecoin, for how long, how it plans to exit and which exposures it is willing to accept. Two positions with the same quantity can create very different risk profiles depending on purpose.
SACF PRINCIPLE — The same token can create different exposures depending on purpose, holding horizon and exit route.
SACF CONNECTION — Exposure does not depend on the token alone: issuer, custody, networks, liquidity and exit routes can all become critical. SACF-05 explores this point in greater detail.
1. Document the economic purpose
Supplier payments, customer receipts, operational treasury, liquidity reserve, collateral or trading exposure do not serve the same objective. Purpose should be formalised before limits, controls and accounting conclusions are set.
SACF CONNECTION — The documented purpose of the position influences the accounting analysis and the measurement approach applied. SACF-03 explores this point in greater detail.
2. Define the holding horizon
A position held for a few hours before a payment does not create the same exposure as a balance retained for several months as treasury reserve. The horizon affects the significance of depeg, issuer, liquidity and FX risks.
3. Identify the real exit route
The company should know which conversion route is actually available: direct redemption, service provider, secondary market, banking partner or another channel. A theoretical route that the company cannot use should not be treated as operational liquidity.
4. Measure accepted exposures
The file should identify at least issuer, custodian, network, FX, liquidity, sanctions or transfer restrictions and conversion-channel exposures. It should distinguish exposures deliberately accepted by policy from those created by operational constraints.
5. Set limits consistent with use
Limits may cover maximum amount, holding duration, concentration by stablecoin, issuer, provider or network, and the share of treasury that may remain dependent on a single exit channel. Limits should be operational enough to trigger action when breached.
6. Prepare exit and stress scenarios
The company should know what it will do if the token depegs, direct redemption becomes unavailable, a provider blocks withdrawals or the network is congested. Purpose is not fully documented unless the exit strategy is defined before a crisis.
SACF CONNECTION — SACF-01 establishes what is held. SACF-02 documents why it is held and the accepted exposure. SACF-03 uses those conclusions to determine accounting and measurement.
Continue through the BECTRA SACF framework
To extend this analysis, the following pillars are the most directly connected to the issues addressed in this article.
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