#数字资产动态追踪 Accounting standards will rewrite the bull market script, and the stablecoin sector is set for a major turning point!

Recently, I came across a big news from FASB—starting in 2026, they will officially initiate discussions on "whether stablecoins can be considered cash equivalents," while simultaneously advancing the standardization of accounting treatment for crypto asset transfers. This is not just a matter for the financial circle; it’s a signal that the traditional financial system is opening its doors to the blockchain world.

Based on the latest on-chain data, my core judgment is straightforward: the underlying foundation of the bull market is rapidly solidifying, with the stablecoin ecosystem leading the charge.

**Why is this so critical?**

Accounting recognition = a formal gateway for large capital inflows. Once stablecoins are classified as "cash equivalents," corporate and institutional holdings of stablecoins become compliant operations, and their balance sheets can be legitimately recorded. What does this mean? Funds are no longer covertly playing; they are openly entering. This elevates the game from retail speculation to a professional, sovereign-level mainstream path.

Policy, accounting, and legislation form a perfect triangle. The Trump administration has been pushing crypto-friendly policies, the "GENIUS Act" is also advancing, and FASB is revising standards—these three forces are working simultaneously. The last bull market lacked such an opportunity.

**The data has already been telling the story.**

The total supply of stablecoins has surpassed $160 billion, and it has been growing at a 4% rate over the past 30 days. USDT has hit a new all-time high, and USDC’s issuance is also rebounding—these numbers behind the scenes indicate major capital deployment. Bitcoin whales (addresses holding over 1000 BTC) have significantly increased their holdings over the past week, showing that smart money is already taking action.

**How can you keep up with this wave?**

The stablecoin ecosystem is the direct beneficiary, especially those projects that are truly compliant—USDT and USDC are naturally the focus, and the ecosystems behind Circle and Tether are also worth paying attention to.

BTC and ETH still need to be core holdings. FASB has required the use of fair value measurement for these two assets since last year, making institutional holdings more transparent and improving price discovery efficiency.

There’s also a hidden opportunity—"accounting concept assets." Once the accounting rules for stablecoins are finalized, the sectors deeply tied to them should wake up: RWA (real-world asset tokenization), government bond tokens, and on-chain payment protocols are likely to undergo a new round of revaluation.

**Final words:**

Don’t be rattled by short-term volatility. Hold your spot assets firmly, focus on mainstream assets, and avoid expecting short-term doubling. The opportunity in 2025 is not a replay of 2021, but a new narrative of compliance, institutionalization, and accounting standardization. Wait for the wind, but only if you’re steady at the helm.