The Financial Accounting Standards Board (FASB) in the United States has recently signaled that it plans to focus on two hardcore issues related to cryptocurrencies in 2026: First, can certain crypto assets be classified as "cash equivalents"? Second, how should the transfer of crypto assets be recorded in financial statements?

This may seem like technical details in the accounting field, but the underlying implications are deeper. The Trump administration has been pushing for the compliance and mainstream adoption of crypto assets, and updates to accounting standards are a key step in this process. Stablecoins are increasingly resembling cash, but they are also financial products, and the blurred boundaries of this identity are gradually being clarified.

The current issues are actually quite tricky. For example, when should a crypto asset be considered as "terminated recognition"? How should tokens transferred across chains and wrapped tokens be classified? Different companies have different accounting approaches. For investors, this not only affects whether assets can be treated as cash but also relates to risk disclosure, information transparency, and comparability of financial reports. As stablecoins become more and more like cash, financial statements must provide clearer distinctions. Only then can investors truly understand a company's financial health.