#稳定币监管 Seeing the FASB include stablecoins in their 2026 work plan, my first reaction was: finally, this issue is about to be laid out clearly.

Looking back over the years, every time crypto assets try to enter mainstream finance, the biggest obstacle has never been technology but those seemingly dull accounting standards. Remember the 2023 FASB update on Bitcoin accounting rules? Everyone cheered, thinking that now companies could properly include BTC on their financial statements. But what happened? The problem wasn’t fully solved; instead, more gray areas emerged—when should an asset be removed from the balance sheet, how to define token encapsulation, whether stablecoins can be considered cash equivalents… These seemingly technical details actually determine whether investors can truly trust these digital assets.

This time is different. The policy environment has shifted. The *Genius Act* provides a regulatory framework for stablecoins, and the Trump administration has made its stance clear. FASB Chair Jones also spoke plainly—solving accounting issues involves letting FASB evaluate, rather than issuing administrative orders or regulatory statements to set the tone. It sounds very technical, but fundamentally it’s about striving for independence and credibility.

What really concerns me is a detail: despite having rules in 2023, many companies and audit firms are still asking basic questions like "when should recognition be terminated." To be clear, the existing framework is still not sufficiently clear. Moreover, as stablecoins become more like cash, the requirements for risk disclosure and transparency are increasing. Having just a legal framework isn’t enough; financial statements must provide clear boundaries.

When the *Genius Act* officially takes effect in 2027, market interest in stablecoins is expected to heat up. But without more comprehensive risk disclosures and unified accounting standards, institutional investors simply won’t treat them as cash equivalents. That’s the core—without clear rules, trust cannot be built. Every time a new asset class enters the mainstream market, it must go through this hurdle.