#稳定币 The stablecoin sector will迎来政策 turning point in 2026. The FASB will include stablecoins in the accounting standards agenda, exploring their qualification as "cash equivalents," which means that the compliance of institutional allocations to stablecoins is gradually being clarified.

From on-chain data, yield-bearing stablecoins are already a certain opportunity. In 2025, the overall return exceeded $250 million, with sUSDe leading at 24.9%, followed by BUIDL and sUSDS. What does this data indicate? Large funds are already voting with their feet—driven by yield promises, capital is concentrating into efficient cash management tools.

The key point to observe is that the GENIUS Act provides a foundation for policy groundwork, and the FASB's actions are formalizing this allowance. Once stablecoins gain accounting recognition, risk management departments in traditional finance will release a new round of allocation demands. The accumulated on-chain signals at this point will become chips for early positioning.

It is recommended to continue tracking three areas: first, the specific terms and recognition timeline of policy implementation; second, changes in fund flows of leading products; third, new filings of institutional-level stablecoin products. These milestones often precede market reactions.