#稳定币生态发展 Seeing the latest developments from FASB and PwC, I have to say this time feels genuinely different.

Over a decade ago, we saw too many "revolutionary" coin promises, and what was the result? All scams. Now, stablecoins are being positioned as "cash equivalents" for accounting purposes—sounds impressive, but I must warn: this is precisely the moment to be most cautious.

The key point here is—FASB plans to establish accounting standards for stablecoins by 2026, with the Big Four accounting firms rushing in. On the surface, it looks like "standardization," but in reality, what is it? A signal that a large influx of institutions is imminent. They wouldn't invest in these infrastructures without reason; behind it, there are undoubtedly large capital deployments.

I've seen many stories of "this time is different." The ICO boom in 2017, the DeFi craze in 2021, the NFT frenzy—each time, it started with policy warm winds, followed by institutional entry, and finally retail investors becoming the bagholders. This wave of stablecoins is no exception.

Even more critical is the blank spot in risk disclosure. Although the Genius Act provides a regulatory framework, look at the details—"how to define wrapped tokens," "when to recognize or derecognize assets"—these gray areas are still unresolved. In other words, corporate financial reporting standards vary widely, and investors can't truly compare risks. This is the situation favored by old-school players: fuzzy rules, ample room for manipulation.

My straightforward advice: until accounting standards are truly clarified, don't be fooled by the concept of "cash equivalents." Stablecoins are indeed more reliable than other crypto assets, but fundamentally, they are financial products, not cash. Let's wait and see what happens in 2026—that will be the real test of who is swimming naked.