Stablecoin攤牌：Coinbase，PayPal和監管繩索

Coinbase和PayPal在不斷發展的Stablecoin景觀中瀏覽，利用合作夥伴關係和監管漏洞，以提供獎勵，同時擴大北美的服務。

Stablecoins, Coinbase, and PayPal—a trifecta dominating the digital finance conversation. These giants are not just adapting to the changing landscape; they're actively shaping it, especially in the wake of regulations like the GENIUS Act. Let's dive into their latest moves and what they mean for you.

Stablecoins，Coinbase和PayPal - 三級型的三級值，主導了數字融資對話。這些巨人不僅適應不斷變化的景觀。他們正在積極地塑造它，尤其是在《天才法案》這樣的法規之後。讓我們深入了解他們的最新動作及其對您的意義。

Coinbase and PayPal Expand Partnership to Canada

Coinbase和PayPal將合作夥伴擴展到加拿大

Big news for our neighbors up north! Coinbase and PayPal are extending their partnership from the US to Canada, making crypto transactions smoother for over 10 million PayPal users there. This means Canadians can now seamlessly buy and sell crypto on Coinbase using their trusted PayPal accounts, linking their bank, card, or PayPal wallets directly to the exchange. It's all about convenience, eh?

對於我們北部的鄰居來說，大新聞！ Coinbase和PayPal正在將其合作夥伴關係從美國擴大到加拿大，這使得在那裡超過1000萬PayPal用戶的加密交易更加順暢。這意味著加拿大人現在可以使用其可信賴的PayPal帳戶在Coinbase上無縫地買賣加密貨幣，將其銀行，卡或Paypal錢包直接鏈接到交易所。一切都與便利有關，是嗎？

The GENIUS Act Loophole: Rewards vs. Interest

天才行為漏洞：獎勵與興趣

Here's where things get interesting. The GENIUS Act, aimed at regulating stablecoins, has a loophole, and Coinbase and PayPal are driving a truck through it. The Act restricts offering interest on stablecoins, but these companies argue they're not paying interest; they're giving out rewards. It's all semantics, right?

這是事情變得有趣的地方。 《天才法》旨在調節stablecoins，有一個漏洞，Coinbase和Paypal正在駕駛卡車。該法案限制了對Stablecoins的利息，但這些公司認為他們沒有支付利息；他們給出了獎勵。都是語義，對嗎？

How It Works

它如何工作

Coinbase CEO Brian Armstrong clarified that Coinbase isn't the issuer of USDC; Circle is. Similarly, PayPal USD (PYUSD) is issued by Paxos. Because Coinbase and PayPal aren't the issuers, they claim the GENIUS Act doesn't apply to their reward programs. They're essentially distributing a portion of their platform-generated income to users who hold stablecoins in their wallets.

Coinbase首席執行官Brian Armstrong澄清說，Coinbase不是USDC的發行人；圓圈是。同樣，PayPal USD（PYUSD）由Paxos發行。由於Coinbase和PayPal不是發行人，因此他們聲稱《天才法》不適用於其獎勵計劃。他們本質上將其平台生成的部分收入分配給在錢包中持有穩定的用戶。

Industry Reactions

行業反應

Opinions are divided. Some see it as regulatory arbitrage, exploiting a gray area. Sheila Warren, CEO of the Crypto Council for Innovation, calls it a "classic case" of this. Others view it as crypto innovation at its finest. NYU Stern professor Michael Sung believes that as long as there's transparency and user consent, sharing revenues is a win-win.

意見分歧。有些人將其視為調節性套利，利用灰色區域。加密創新委員會首席執行官希拉·沃倫（Sheila Warren）稱其為“經典案例”。其他人則認為它是最好的創新。紐約大學斯特恩教授邁克爾·昂格（Michael Sung）認為，只要有透明度和用戶同意，分享收入就是雙贏。

The SEC's Stance

SEC的立場

Not everyone is thrilled. The SEC is reportedly reviewing this model, concerned about returns without sufficient investor protections. No formal action yet, but keep your eyes peeled.

並非每個人都很興奮。據報導，美國證券交易委員會（SEC）正在審查這種模型，關注沒有足夠投資者保護的回報。還沒有正式的動作，但請睜大眼睛。

Solana's Stablecoin Surge

Solana的Stablecoin激增

While Coinbase and PayPal are making moves, Solana is quietly becoming a stablecoin hub. Solana's stablecoin market cap has hit $10.6 billion, with USDC dominating. New stablecoins like FDUSD and sUSD are choosing Solana for its scalability and cost-efficiency, giving Ethereum a run for its money.

儘管Coinbase和Paypal正在採取行動，但Solana悄悄地成為了一個穩定的樞紐。 Solana的Stablecoin市值已達到106億美元，USDC主導。 FDUSD和SUSD等新的Stablecoins正在選擇Solana的可擴展性和成本效益，這使以太坊為其賺錢而付出。

Institutional Interest

機構利益

Institutions are taking note. JPMorgan launched JPMD stablecoin, and Circle is gaining traction with its IPO. Solana's fast, efficient network makes it appealing for institutions exploring blockchain tech. However, this also means heightened scrutiny and the need for robust security measures.

機構正在註意。 JPMorgan推出了JPMD Stablecoin，Circle的IPO正在吸引。 Solana的快速，高效的網絡使其吸引了探索區塊鏈技術的機構。但是，這也意味著對審查的審查以及對強大安全措施的需求。

Looking Ahead

展望未來

The stablecoin landscape is dynamic, with regulatory challenges and innovative solutions emerging constantly. Coinbase and PayPal are finding ways to offer value to their users while staying (technically) compliant. Whether this will last is anyone's guess, but for now, stablecoin reward programs are alive and kicking.

Stablecoin景觀是動態的，有監管挑戰和創新的解決方案不斷出現。 Coinbase和PayPal正在尋找在（技術上）遵守技術的同時為其用戶提供價值的方法。這是否會持續到任何人的猜測，但是就目前而言，Stablecoin獎勵計劃還活著並踢了。

My Take

我的看法

It's hard not to see this as a clever workaround. While I appreciate innovation, there's a risk of regulators cracking down if they feel the spirit of the law is being violated. It's a delicate balance, and transparency will be key. The expansion into Canada is great news for users, but the real story is how these companies are navigating the regulatory maze.

很難不將其視為聰明的解決方法。儘管我讚賞創新，但如果監管機構覺得法律的精神受到侵犯，則有監管機構會破裂。這是一個微妙的平衡，透明度將是關鍵。對用戶來說，擴展到加拿大是個好消息，但真正的故事是這些公司如何導航監管迷宮。

So, what does all this mean? It means the crypto world is as unpredictable and exciting as ever. One day you're navigating regulatory loopholes, the next you're expanding services across borders. Stay tuned, because this is one rollercoaster you don't want to miss!

那麼，這意味著什麼？這意味著加密世界一如既往地不可預測和令人興奮。有一天，您正在瀏覽監管漏洞，下一個您將在邊界擴展服務。請繼續關注，因為這是您不想錯過的過山車！