The accounting system is opening up to the crypto world. The FASB officially announced that in 2026 they will formally explore whether stablecoins qualify as cash equivalents, while also standardizing the accounting treatment of crypto asset transfers. This is not just financial news but a turning point where traditional finance compromises with digital assets.

Why can this event trigger a chain reaction?

Accounting recognition has opened the green light for institutional entry. Once stablecoins are officially classified as cash equivalents, companies can hold and use stablecoins on their balance sheets in compliance, and the previously blocked liquidity channels will be fully unblocked. This means the game rules have changed — no longer a playground for retail traders alone, but a track where corporate and sovereign funds can participate openly and legitimately.

More importantly, policy changes are resonating. A friendly attitude from regulators, legislative progress in Congress, and simultaneous revisions of accounting standards are all moving in the same direction — something that didn’t happen in the last cycle.

On-chain data has already reflected this expectation. The total supply of stablecoins has surpassed $160 billion, and in the past 30 days, it has been increasing by 4 percentage points net. USDT market cap hit a new all-time high, and USDC issuance is also rising in tandem, indicating that funds are positioning early. Interestingly, Bitcoin whales (addresses holding over 1000 BTC) have significantly accelerated their accumulation over the past week, and the movement of smart money says it all.

From an investment perspective, focus on the compliant stablecoin ecosystem and related infrastructure projects. As core assets, Bitcoin and Ethereum will become more effectively priced by institutions once accounting transparency improves. Those assets closely tied to stablecoins, such as RWA, government bond tokens, and on-chain payment protocols, may face revaluation once the final accounting rules are implemented.

The bull market logic of 2025 will be completely different from that of 2021. This is a new cycle of compliance, institutionalization, and accounting standardization. Prepare your spot holdings and wait for this wave to come.