#稳定币 FASB includes stablecoins in its 2026 work priorities, with two core issues: whether stablecoins can be considered cash equivalents and how to record the transfer of crypto assets. While these seem like accounting technicalities, they actually signal the progress of standardization.

Breaking down some key points:

**Policy Level**—The 《Genius Act》 has established a regulatory framework, but GAAP still has gray areas. Especially regarding the conditions for asset derecognition, and the definitions of cross-chain and wrapped tokens, leading to inconsistent reporting standards among companies. This uncertainty suppresses institutional enthusiasm for adopting stablecoins.

**Market Impact**—Once accounting standards are unified and stablecoins are officially recognized as cash equivalents, more publicly listed companies will be able to legitimately include USDC/USDT on their balance sheets. Currently, only a few players like Tesla and Block are doing this; in the future, this list will significantly expand.

**Capital Market Expectations**—Institutional investors are waiting for this confirmation signal. Peters straightforwardly said: Without clear risk disclosures and accounting standards, they won’t treat stablecoins as cash. Once rules are anchored, demand for stablecoins will see a noticeable increase.

In the short term, this is policy-driven; in the long term, it’s an essential step for crypto assets to enter the mainstream financial system. On-chain, attention can be paid to changes in institutional wallet stablecoin holdings, which will be early indicators of standardization progress.