#稳定币市场发展 The adjustment of stablecoin accounting standards, in simple terms, means that the financial system is taking our ecosystem seriously. FASB has included in its 2026 agenda whether stablecoins can be classified as "cash equivalents." This is not just a technical accounting issue—it reflects regulatory agencies defining asset classifications and reassuring investors.

However, there is a key logical chain worth noting: The 《Genius Act》 provides a regulatory framework, and FASB needs to fill the gaps in accounting standards. The problem is that, currently, GAAP still has significant gray areas, such as when to "derecognize" crypto assets on the balance sheet, and companies' financial reporting standards vary widely. What impact does this have on trading strategies?

Once the financial disclosures of listed companies holding large amounts of stablecoins or Bitcoin (like Tesla, Block, etc.) become standardized, their asset allocation logic will become more transparent. Currently, many top traders operate in a black box regarding these holdings. Once standards are unified, risk exposure becomes clearer, and large macro-based trades can be more easily anticipated or reviewed in hindsight.

From another perspective, this is a medium-term positive signal. The likelihood of stablecoins being officially recognized as "cash-like" assets increases, lowering the threshold for institutional allocation, and liquidity will definitely follow. But in the short term, this uncertainty might trigger volatility—since the process of clarifying regulatory frameworks often does.

Traders following the market can pay attention to recent position adjustments by those highly sensitive to policy changes, especially regarding stablecoin hedging or long-term holding strategies. Those with high risk appetite can follow this rhythm, while more conservative traders might prefer to wait until the framework becomes clearer.