Stablecoins could potentially hold cash value under revised guidelines, as announced by Paul Atkins.

The U.S. Securities and Exchange Commission (SEC) has taken a significant step towards integrating digital assets into the traditional financial system, with the redefinition of the accounting treatment of certain stablecoins. This move allows these digital assets to be classified as cash equivalents.

Paul Atkins, Chair of the SEC, has been leading a regulatory strategy that promotes the integration of cryptocurrencies into the U.S. financial system. Atkins presented the pillars of "Project Crypto", an initiative aimed at modernizing securities rules to allow U.S. financial markets to operate directly on blockchain.

The update to the SEC's accounting guide marks a concrete step towards this goal. Stablecoins that maintain a 1:1 parity with the U.S. dollar, are fully backed by cash or short-term Treasury bonds, and offer guaranteed redemption mechanisms can be classified as cash equivalents. For a stablecoin to access this classification, it must undergo transparent audits and have legal documentation certifying the continuous sufficiency of its reserves.

The stability in value of the stablecoins must be demonstrable and sustained over time, with mandatory periodic certifications. This requirement ensures the reliability and trustworthiness of these digital assets.

The possibility of certain stablecoins being treated as cash improves their practical utility and strengthens institutional confidence in these digital assets. As a result, certain stablecoins can now be used by banks, investment funds, and corporations as legitimate components of liquidity strategies.

The SEC's approach seeks to provide clear guidance on the application of federal securities laws to emerging technologies and financial activities. The door is open for backed stablecoins to fully integrate into the traditional financial system, with the establishment of clear rules, rigorous audits, and a solid legal framework.

The exclusion of algorithmic stablecoins from the new accounting treatment by the SEC is a sign of prudence, as structures like Terra USD have shown vulnerabilities in the past. The crypto community, which has enthusiastically welcomed these new guidelines, is closely watching these developments, aware that regulators are laying the groundwork for a new era marked by trust, real utility, and greater expansion.

Regulatory clarity is essential for innovation to thrive, according to issuers of stablecoins, asset exchange platforms, and analysts. The crypto community is optimistic that the U.S. is taking a leading role in transforming the global financial landscape, driving digital assets towards a responsible integration model. Experts like Bernstein have valued "Project Crypto" as an unprecedented framework capable of positioning the United States as a leader in global financial evolution.