#稳定币监管 Do stablecoins need to become "cash equivalents"? That's quite interesting. The Financial Accounting Standards Board (FASB) has decided to put this issue on the 2026 agenda, essentially aiming to give stablecoins an official status.

But it's actually quite complex behind the scenes. On one hand, the Genius Act pushes stablecoins into the mainstream financial system; on the other hand, GAAP rules still have a lot of gray areas—when should assets disappear from reports, how to account for cross-chain tokens, and different companies have inconsistent standards.

The key question is: can stablecoins truly be recognized by investors as equivalent to cash? Currently, only a small number of companies hold Bitcoin, and now there's a rush to set standards for stablecoins. This approach seems more driven by political push rather than market demand. Investors are actually more concerned with risk disclosures and transparency—without clear information disclosures, any definitions are meaningless.

Once the Genius Act truly takes effect in 2027, the stablecoin market may heat up, but to get everyone to treat it as cash for spending, more convincing disclosure data will be needed. This accounting drama has just begun, and how it will unfold remains uncertain.