#稳定币市场发展 Seeing the FASB incorporate stablecoins into the 2026 agenda, my mind immediately went back to 2017. At that time, we were discussing whether Bitcoin could be recognized on the books in the crypto community, and most people's reaction was "What kind of crazy question is that"—because back then, no one took crypto assets seriously. Now it's different; under the push of the Trump administration, the FASB is officially studying whether stablecoins can be classified as "cash equivalents." The historical irony behind this is worth pondering.

Do you remember the FASB rule from 2023? It filled the gaps in GAAP regarding crypto assets, but the remaining details left even bigger loopholes—especially regarding when to remove assets from the balance sheet and how to handle cross-chain tokens, with companies giving conflicting opinions. The current issues are more complex than before: stablecoins are increasingly like cash, but the standards for risk disclosure are still spinning.

What's interesting is that this isn't just an accounting technical issue. The 《Genius Act》 has pushed stablecoins into the mainstream, but behind the accounting adjustments is a struggle between politics, regulation, and capital market forces. Some worry that this is driven by "political priorities" rather than genuine market demand, but I believe this is the normal cycle of iteration—each industry upgrade is followed by passive regulatory follow-up, which then reshapes the landscape.

After the 《Genius Act》 takes effect in 2027, the real test for the stablecoin market will begin. By then, comprehensive risk disclosures and transparent financial standards will be key for investors to consider stablecoins as "quasi-cash." We are witnessing a transition from an old paradigm to a new one; this process may seem dull, but it determines how far stablecoins can go in the next decade.