#稳定币 Seeing that the FASB has included stablecoins in its 2026 work plan, my first reaction is: regulatory frameworks are improving, but for retail investors, this is both an opportunity and a watershed of risks.

Ten years ago, I fell into the "stablecoin" trap—back then, various air coins were rampant under the banner of "stability," ending in a complete mess. Now, things are different. With the enactment of the 《Genius Act》, accounting standards are set to be adjusted, and the SEC is also watching closely. It looks like the formal regulatory authorities are about to take over this market.

But there's a detail to be cautious about: when stablecoins are defined as "cash equivalents," the risk disclosures on corporate balance sheets will become more transparent, which constrains institutional players. The problem is—risk disclosure transparency means the space for covertly harvesting retail investors is being squeezed. Small projects and whales that rely on information asymmetry will have a tough time.

My advice is, don't be fooled by the word "stable." Even if accounting standards are unified, you need to look at what assets support it, who the issuer is, and whether there is real auditing. Since it only officially takes effect in 2027, this transition period is actually the most dangerous—some will rush to cash out before regulations tighten, and others will take advantage of the chaos to cut the last wave.

Surviving long on the chain ultimately comes down to: things with increasingly clear regulations are not necessarily safe; in fact, you need to be more cautious. Because once rules are clear, the cost of violations also rises, and some projects will simply run away.