如果您的加密錢包可以在自己的遊戲中擊敗美國政府怎麼辦？

這就是渴望渴望投資者的問題，因為USDC Staking繼續挑戰傳統的金融工具

In the realm of cryptocurrency, new avenues for generating passive income continue to emerge, presenting interesting alternatives to traditional financial instruments. One such opportunity that has been gaining attention is USDC staking, which could be seen as a competitor to Treasury bonds and savings accounts in today's low-rate environment.

在加密貨幣領域，產生被動收入的新途徑繼續出現，為傳統金融工具提供了有趣的替代方法。 USDC Staking是一個引起關注的機會，它可以被視為在當今低利率環境中衡量國庫券和儲蓄帳戶的競爭對手。

With stablecoin staking platforms offering APYs of 4% to 8%, and the U.S. 10-year Treasury yield hovering just above 4.5%, a natural question arises: Can USDC staking rewards actually outpace the Fed-backed, risk-free rates?

隨著Stablecoin Staking Platforms提供4％至8％的APY，而美國的10年財政收益率徘徊在4.5％以上，這是一個自然的問題：USDC Staging Rewards實際上是否超過了預先支持的，無風險的利率？

Breaking Down the Contenders

分解競爭者

USDC (USD Coin) is a USD-backed stablecoin designed to maintain a 1:1 peg with the U.S. dollar. It’s fully reserved, with funds held in cash and short-term Treasuries, and regularly audited for transparency. When users "stake" USDC, typically by lending it through DeFi protocols or centralized exchanges, they earn rewards, expressed as annual percentage yield (APY).

USDC（USD Coin）是一個由美元支持的Stablecoin，旨在用美元維持1：1的釘子。它是完全保留的，擁有現金和短期紀念品的資金，並定期審核透明度。當用戶“利益” USDC（通常是通過通過Defi協議或集中式交易所借用）時，他們會獲得獎勵，表示為年度百分比收益率（APY）。

Treasury yields, particularly from 10-year notes, are considered risk-free benchmarks. They represent the return on lending money to the U.S. government and are backed by its full faith and credit. Investors often use them as a measuring stick for other income-generating opportunities.

財政收益率，尤其是10年的票據，被認為是無風險的基準測試。它們代表了向美國政府貸款的回報，並得到其全部信仰和信譽的支持。投資者經常將它們用作其他創收機會的測量棒。

The Yield Showdown: A Comparison

收益攤牌：比較

As of Q2 2025, the U.S. 10-year Treasury yield sits around 4.5% amid persistent inflation concerns and a tight labor market. The Federal Reserve's commitment to maintaining elevated interest rates has pushed yields to decade-high levels.

截至2025年第2季度，美國10年的財政收益率在持續的通貨膨脹問題和緊張的勞動力市場中約為4.5％。美聯儲致力於維持升高利率的承諾將收益率提高到十年最高水平。

Meanwhile, USDC staking rewards are averaging between 5% and 7%, depending on platform risk and lending demand. Platforms like Coinbase offer 4.0% APY for simply holding USDC, while DeFi protocols like Aave or Compound offer variable returns that can exceed 7% during periods of high borrowing activity.

同時，根據平颱風險和貸款需求，USDC的積分獎勵的平均值在5％至7％之間。 Coinbase之類的平台為僅持有USDC提供4.0％的APY，而諸如AAVE或COMPOUND的DEFI協議則提供可變回報，在高借貸活動期間可能超過7％。

At face value, USDC staking can deliver equal or superior yield to Treasuries. But unlike bonds, these rewards are not guaranteed—they fluctuate with market conditions and platform performance. So the higher yield often comes at the cost of higher risk.

從表面上看，USDC的積分可以將相等或較高的收益率與國庫提供。但是與債券不同，這些獎勵不能保證 - 它們隨著市場狀況和平台性能而波動。因此，較高的收益率通常以較高的風險為代價。

What Drives USDC Yields?

什麼驅動USDC產量？

USDC staking yields are determined by supply and demand dynamics:

USDC的積分產量取決於供求動態：

Yields can spike during bull markets but drop in periods of low demand. Unlike Treasuries, there’s no maturity date or locked-in return.

在牛市期間，收益率可能會飆升，但需求低時期下降。與國債不同，沒有成熟日期或鎖定回報。

Risk vs. Reward: Key Differences

風險與獎勵：關鍵差異

USDC staking is not risk-free. Here’s how it stacks up:

USDC的積分不是沒有風險的。這是堆疊的方式：

While Treasury bonds are virtually risk-free, they come with limited upside. USDC staking offers greater return potential, especially in bull markets, but includes risks like smart contract bugs, custodial failures, and regulatory intervention.

儘管國庫券幾乎沒有風險，但它們的上漲空間有限。 USDC Staking具有更大的回報潛力，尤其是在牛市中，但包括智能合約錯誤，監護失敗和監管干預等風險。

The Regulatory Cloud

監管雲

One wildcard in the competition is regulation. U.S. authorities are increasingly scrutinizing stablecoin yield products. The SEC has argued that some crypto yield offerings could be classified as securities. This legal grey area could affect the availability or structure of USDC staking programs in the near future.

比賽中的一個通配符是法規。美國當局越來越多地審查穩定的產量產品。美國證券交易委員會（SEC）認為，一些加密貨幣產量可以歸類為證券。在不久的將來，這個合法的灰色區域可能會影響USDC Staking計劃的可用性或結構。

Still, well-regulated platforms like Coinbase have found ways to offer rewards while maintaining compliance. Others are shifting to non-custodial, decentralized models to avoid regulatory overreach.

儘管如此，像Coinbase這樣的良好調節平台仍然找到了在保持合規性的同時提供獎勵的方法。其他人則轉移到非監測的，分散的模型，以避免監管過度。

Inflation, Rate Cycles, and Real Returns

通貨膨脹，費率週期和真實回報

With inflation remaining above target in 2025, even “high” yields from Treasuries can produce negative real returns. A 4.5% yield in a 5% inflation environment erodes purchasing power.

由於2025年的通貨膨脹率保持在目標上方，即使是國債的“高”收率也會產生負面的真實回報。 5％通貨膨脹環境中的收益率為4.5％。

In contrast, USDC staking yields, while more volatile, have kept pace or even outstripped inflation during periods of high demand. This makes staking a compelling option for those seeking to preserve and grow value in real terms.

相比之下，在需求旺盛的時期，USDC的積分產量雖然更加動盪，但仍保持節奏甚至超過通貨膨脹。對於那些尋求實際保留和增長價值的人來說，String成為一個令人信服的選擇。

So, Can USDC Staking Outpace Treasuries?

那麼，USDC可以佔用國庫嗎？

The answer? Yes—but only with the right risk tolerance. In a high-rate environment, USDC staking can beat Treasury yields, particularly when:

答案？是的，但只有正確的風險承受能力。在高利率的環境中，USDC的積分可以超過財政收益率，尤其是當：

However, investors must weigh these rewards against the absence of government guarantees and the volatility of crypto platforms. For those comfortable with digital assets and savvy about platform risks, USDC staking represents a viable alternative yield strategy in today’s environment.

但是，投資者必須權衡這些獎勵，與缺乏政府保證和加密平台的波動。對於那些對數字資產和平颱風險精明的人來說，USDC Staking代表了當今環境中一種可行的替代收益策略。

Final Thoughts

最後的想法

Treasury bonds remain the gold standard of conservative investing. But in a yield-starved, inflation-heavy world, USDC staking offers a modern alternative: high liquidity, competitive returns, and the convenience of the crypto ecosystem.

國庫債券仍然是保守投資的黃金標準。但是，在一個產量，通貨膨脹率繁重的世界中，USDC Staking提供了一種現代替代方案：高流動性，競爭回報和加密生態系統的便利性。

For investors looking to optimize yield without excessive volatility, staking stablecoins like USDC may offer the best of both worlds—a digital safe haven with real earning power.

對於希望在沒有過多波動率的情況下優化收益率的投資者來說，像USDC這樣的Stablecoins可能會提供兩全其美的優勢 - 具有真正收入能力的數字避風港。