#稳定币发展 Seeing the news that the U.S. Financial Accounting Standards Board (FASB) has included stablecoins in its 2026 agenda, my mind flashes back to the entire development trajectory of stablecoins over the years. From the gray area of USDT to today’s discussions about whether it can be considered "cash equivalents," the significance of this transformation is immense, and those who have been through it understand this deeply.

I still remember the 2017 market surge, when everyone's attitude towards stablecoins was simply "it's good to have this," and no one dared to imagine that they could enter the formal accounting systems of the United States. By 2023, with FASB issuing rules on the fair value treatment of Bitcoin and Ethereum, stablecoins were actually excluded — at the time, it seemed like a kind of regret. Looking back now, that was precisely the groundwork. The exclusion itself indicates that regulators are seriously contemplating this issue.

Elevating the qualification of cash equivalents to the agenda, coupled with the Trump administration’s push for the GENIUS Act, shows that the institutionalization process of stablecoins is now irreversible. What does the status of cash equivalents imply? It means that in corporate financial statements, they can be treated just like dollars. This is no small matter; it’s a legal-level leap.

I have seen too many projects fail due to "uncertainty," and conversely, I’ve seen some survive because of certainty. The path stablecoins are about to take is precisely the transition from gray areas to clarity. Failures remind us that financial innovations outside regulatory frameworks will ultimately face liquidation. Successful ones are those that can engage in dialogue with the system and are willing to accept regulation.

2026 is not far off. How this exploration turns out will influence the entire industry’s landscape over the next five years. That’s what history has shown us.