Corporate Treasuries Are Being Rewritten — and Most CFOs Haven't Caught Up
The balance sheet is no longer a static spreadsheet. Between crypto experiments succeeding and failing, stablecoins replacing SWIFT, and AI agents managing spend, corporate treasury is being rebuilt from the ground up. Here's what's actually happening.
The Big Idea
Most people think corporate treasury is boring — the part of the annual report you skip past the CEO's photo and the revenue charts. But right now, across boardrooms from Atlanta to Geneva, the playbook for what companies do with their money is being torn apart and reassembled in real time. And the companies figuring this out first are going to have a structural advantage that has nothing to do with their products.
In a single week this September, a semiconductor company in...