Stablecoin產量：Coinbase，PayPal和監管繩索

在涉及Coinbase和Paypal的穩定菌，收益率和監管審查的不斷發展的景觀中。

The world of stablecoins is getting spicy! Despite new rules, Coinbase and PayPal are still finding ways to offer users tasty yields on their stablecoin holdings. But how are they doing it, and what does it mean for the future of digital dollars?

Stablecoins的世界越來越辣！儘管有新的規定，Coinbase和PayPal仍在尋找方法，以便在其穩定股中為用戶提供美味的收益率。但是，他們如何做，這對數字美元的未來意味著什麼？

The GENIUS Act and the Yield Ban

天才法和屈服禁令

The GENIUS Act, intended to bring order to the stablecoin market, bans issuers from directly offering interest or yield. The goal? To separate payment-focused stablecoins from speculative investments. However, the law specifically targets issuers, leaving a potential opening for platforms like Coinbase and PayPal.

《天才法》旨在將命令送入Stablecoin市場，禁止發行人直接提供利息或收益。目標？將以付款為中心的穩定幣與投機性投資分開。但是，該法律專門針對發行人，為Coinbase和Paypal等平台留下了潛在的開放。

Coinbase, PayPal, and the Reward Game

Coinbase，PayPal和獎勵遊戲

Coinbase, partnered with Circle (USDC issuer), offers around 4.1% APY on USDC holdings. PayPal, working with Paxos (PYUSD issuer), provides about 3.7% APY through its app and Venmo. Crucially, they avoid calling these payouts "interest," framing them as rewards or revenue-sharing. It's like saying, "We're not paying interest; we're just being super generous!"

Coinbase與Circle（USDC發行人）合作，在USDC Holdings上提供約4.1％的APY。 PayPal與PAXOS（PYUSD發行人）合作，通過其應用程序和Venmo提供約3.7％的APY。至關重要的是，他們避免將這些支出稱為“利息”，將其構架為獎勵或收入分享。這就像是說：“我們不支付利息；我們只是超級慷慨！”

A Legal Gray Zone?

合法的灰色區域？

This workaround highlights a key tension in stablecoin regulation. Issuers can't offer yields, but intermediaries seemingly can. Critics argue this creates an uneven playing field. Supporters say platforms are simply monetizing their float and platform revenues, benefiting users. Regulators, however, might see it as a loophole undermining the spirit of the law.

這種解決方法突出了Stablecoin法規中的關鍵張力。發行人無法提供收益率，但中介似乎可以。批評者認為這創造了一個不平衡的競爭環境。支持者說，平台只是在使他們的浮動和平台收入獲利，從而使用戶受益。但是，監管機構可能認為這是破壞法律精神的漏洞。

SEC's Stance: Stablecoins as Digital Cash

SEC的立場：Stablecoins作為數字現金

The SEC is trying to keep up. They've issued interim guidelines classifying certain stablecoins as digital cash equivalents, under the initiative "Project Crypto". To qualify, stablecoins must maintain a consistent 1:1 USD peg, be fully collateralized with liquid assets, and offer on-demand redemption rights. This aims to increase institutional confidence and acceptance of stablecoins.

SEC試圖跟上。他們發布了根據“ Project Crypto”的主動性，將某些Stablecoins分類為數字現金同等物質的臨時準則。為了獲得資格，Stablecoins必須保持一致的1：1 USD PEG，以液體資產的全面抵押，並提供按需贖回權。這旨在增加機構的信心和對穩定的接受。

Tokenized MMFs: A Rising Alternative?

標記的MMFS：替代方案？

With restrictions on stablecoin yields, tokenized money market funds (MMFs) are emerging as a potential alternative. JPMorgan and EY suggest they could replicate stablecoin speed and flexibility while maintaining regulatory oversight. While stablecoins have DeFi advantages, the yield factor could sway investors toward MMFs.

由於對穩定產量的限制，令牌化的貨幣市場基金（MMF）正在成為潛在的替代方案。摩根大通（JPMorgan）和安西（Ey）建議他們可以在維持監管監督的同時復制穩定速度和靈活性。儘管Stablecoins具有偏好的優勢，但產量因素可能會影響投資者對MMFS的影響。

The Banking Lobby and Regulatory Influence

銀行大廳和監管影響

Whispers suggest the traditional banking sector played a role in shaping the GENIUS Act, aiming to protect their turf from stablecoin competition. Banks feared losing depositors to higher-yielding stablecoins. It's like a classic showdown: old-school finance versus new-age crypto.

耳語表明，傳統的銀行業在塑造天才法案中發揮了作用，旨在保護其草皮免受Stablecoin競爭的侵害。銀行擔心將存款人丟給了更高的穩定者。這就像一個經典的攤牌：老式的財務與新時代的加密貨幣。

The Future: Regulation vs. Innovation

未來：法規與創新

The stablecoin landscape is a constant tug-of-war between regulation and innovation. The GENIUS Act and the SEC's evolving guidelines are attempts to manage risks, but they also risk stifling innovation. Platforms are finding creative ways to navigate the rules, and regulators are playing catch-up.

Stablecoin景觀是調節和創新之間不斷的拔河。 《天才法》和SEC不斷發展的指南是試圖管理風險的嘗試，但它們也有可能扼殺創新。平台正在尋找瀏覽規則的創新方式，而監管機構正在追趕。

The Bottom Line

底線

For now, users can still earn on their stablecoin holdings via platforms like Coinbase and PayPal. But the future of these reward programs depends on how strictly regulators enforce the law. It’s a wild ride in the world of digital finance!

目前，用戶仍然可以通過Coinbase和PayPal等平台來賺取其Stablecoin持有量。但是這些獎勵計劃的未來取決於監管機構如何執行法律。在數字金融世界中，這是一個瘋狂的旅程！

So, grab your stablecoins, buckle up, and enjoy the (potentially fleeting) yields. Who knows what tomorrow will bring in this ever-evolving saga?

因此，抓住您的穩定幣，扣緊扣，並享受（可能短暫的）產量。誰知道明天會帶來這個不斷發展的傳奇？