#稳定币发展与应用 FASB includes stablecoins in the 2026 agenda, and the core issue is quite clear: the criteria for recognizing cash equivalents.

From on-chain data, the liquidity of stablecoins has long proven their cash-like nature—USDC and USDT's daily trading volumes on major exchanges have already surpassed many fiat trading pairs. However, the lag in accounting standards has always been a pain point. The 《Genius Act》 addresses the regulatory framework but leaves a gap in financial recognition.

The key variables are at three levels:

**First level: The boundary for recognizing cash equivalents.** Not all stablecoins can be recorded as cash; sufficient risk disclosure is the prerequisite. If a company's balance sheet directly lists stablecoins as cash, investors need to see more detailed disclosures on liquidity, credit risk, and even cross-chain risks.

**Second level: Termination recognition issue.** This is an implicit killer. When assets are transferred on-chain, involve cross-chain bridging, or wrapped tokens, when should they disappear from the financial statements? Currently, GAAP is in a gray area, which directly affects a company's income statement.

**Third level: The dislocation between political cycles and market realities.** The recommendations from the Trump working group accelerated this process, but FASB Chair Jones's term only lasts until June 2027. If key rules are not finalized within this window, the political inclinations of successors could reshape this agenda.

In fact, this adjustment is a positive signal for institutional entry into stablecoins—once accounting standards are clarified, barriers to corporate asset allocation will be greatly reduced. However, before the new regulations are implemented, there is still considerable room for interpretation in the financial reports of listed companies holding stablecoins. Attention should be paid to which leading institutions are quietly increasing their stablecoin holdings.