Stablecoins是完美的業務：客戶給您錢，您會發行代幣，代表1美元

Stablecoins與人們所能獲得的企業一樣完美。客戶給您錢，您會向他們發行代幣，代表$ 1

Stablecoins are about as perfect a business as one can get.

Stablecoins與人們所能獲得的企業一樣完美。

Customers give you money, you issue them a token that is meant to be worth $1, and then you can invest that stockpile of money in U.S. treasuries and other short-term holdings.

客戶給您錢，您會向他們發行一個代幣，該令牌價值為1美元，然後您可以將這些股票投資於美國國債和其他短期持股。

You don’t have to share any of the profits with customers. In fact, according to the text of the GENIUS Act, which achieved cloture in the U.S. Senate Monday night, it would be illegal to do so. What’s more, people hardly ever ask for their money back, so their bankroll keeps going up.

您不必與客戶分享任何利潤。實際上，根據《天才法》的案文，該法案在周一晚上在美國參議院實現了泥土，這樣做是非法的。更重要的是，人們幾乎從來沒有要求他們的錢退還，所以他們的資金不斷上升。

The two largest stablecoins, Tether (USDT), with a market cap of $151.3 billion, and USD Coin (USDC), at $60.26 billion, account for over 87% of the $238.7 billion stablecoin market. With the exceptions of 2022, which saw a series of collapses in crypto, and the 2023 banking crisis, which specifically hurt USDC, their supplies have consistently moved up and to the right.

兩位最大的穩定幣（USDT），市值為1513億美元，美元硬幣（USDC）為602.6億美元，佔2387億美元Stablecoin Market的87％以上。除了2022年，加密貨幣中有一系列崩潰，而2023年的銀行危機（特別傷害了USDC），他們的供應始終向右移動。

What types of profits are we talking about? Last year, Tether made $13 billion. That is more than double BlackRock, the world’s largest asset manager, which brought in $6.3 billion on a GAAP basis, and over 5 times Coinbase’s profits of $2.58 billion. Circle’s profits last year were considerably smaller, $156 million, but the company is currently in the process of going public via an IPO that will net it billions, while being the target of a bidding war between Coinbase and Ripple that will likely value it at $5 billion or more.

我們在談論哪些類型的利潤？去年，繫帶賺了130億美元。這是全球最大的資產經理的雙重貝萊德（Double BlackRock），其基礎上帶來了63億美元，而Coinbase的利潤為25.8億美元。 Circle去年的利潤要小得多，1.56億美元，但該公司目前正在通過IPO公開銷售數十億美元的IPO，同時是Coinbase和Coinbase和Ripple之間競標戰爭的目標，可能將其重視為50億美元或更多。

With crypto now gaining mainstream acceptance, these numbers are only likely to grow. Recently, the U.S. Treasury’s Borrowing Advisory Committee estimated that as much as $6.6 trillion of the M1 money supply could be diverted to stablecoins.

隨著加密貨幣現在獲得主流的接受，這些數字只有可能增長。最近，美國財政部的借貸諮詢委員會估計，M1貨幣供應量的6.6萬億美元可以將其轉移到Stablecoins。

These companies clearly have profits to spare, and their coffers are likely to swell even higher with the seemingly imminent passage of the GENIUS Act in D.C., which will legitimize stablecoins for the first time in history. But customers are going to be prevented from partaking in any of this growth — a concession demanded by Democrats. Why would the party typically anti-big business and pro-consumers not insist on customers partaking in the spoils?

這些公司顯然可以節省利潤，並且隨著《天才法案》（Genius Act）在DC中看似即將來臨的通過，其金庫可能會更高，這將在歷史上首次使Stablecoins合法化。但是，將阻止客戶參與這種增長的任何一項 - 民主黨人要求的特許權。為什麼聚會通常會反擊業務和親消費者不堅持顧客參與戰利品？

Community Bank Blowback

社區銀行的反擊

Lawmakers could be reluctant to allow yield-bearing stablecoins for a number of reasons. For starters, such stablecoins would likely be securities according to the Howey Test, a judicial precedent used to determine such matters. That would introduce additional regulatory scrutiny, and perhaps recklessness if they engage in riskier lending to maintain current profit levels. That could be seen as dangerous for an industry that has already had a couple of close calls.

立法者可能由於多種原因而不願意允許承擔屈服的穩定劑。對於初學者而言，根據Howey Test，這種穩定的人可能是證券，這是用於確定此類問題的司法先例。如果他們有更風險的貸款來維持當前的利潤水平，那將引入其他監管審查，也許會魯ck。對於已經有幾個近距離電話的行業來說，這可能被認為是危險的。

The TradFi analogy to this last situation is Net Interest Margin (NIM). Banks make money by borrowing short and lending long. The difference between the two rates is the NIM, or profits for banks. As a simple analogy, the national average savings rate for a bank is 0.42% today. The current average for a fixed 30-year mortgage is 6.89%. In this scenario the difference would be the NIM, and it would be a healthy one.

與最後情況相比，tradfi類比是淨利息利潤率（NIM）。銀行通過借貸和貸款長久賺錢。兩個利率之間的區別是尼姆或銀行的利潤。作為一個簡單的類比，銀行的全國平均儲蓄率今天為0.42％。固定30年抵押貸款的當前平均值為6.89％。在這種情況下，差異將是NIM，這將是健康的。

One could imagine that stablecoin issuers could create a win-win scenario for their clients by offering a yield higher than the 0.42% average and still make a strong profit given that the annual yield of a 30-day Treasury is 4.37%. Plus, they have considerably less overhead than brick-and-mortar banks. They should be able to get by on a smaller NIM than a bank, which, according to the FDIC, dropped 8 basis points for insured institutions to 3.2% from 2023 to 2024.

可以想像，Stablecoin發行人可以通過提供高於0.42％的平均收益率來為客戶創造雙贏的情況，並且鑑於30天財政部的年收益率為4.37％，但仍然可以賺取大筆利潤。另外，它們的開銷要比實體銀行少得多。他們應該能夠比銀行更小的nim來努力，根據FDIC，該銀行從2023年到2024年將被保險機構的8個基點降至3.2％。

So why was this Goldilocks scenario outlawed in the GENIUS ACT. Simply put, community banks, which are closely aligned with the Democratic party, did not want the added pressure to their already challenging operating environment. They are afraid of stablecoin issuers sucking their source of demand deposits dry, not only hurting their profitability but also sapping credit from the U.S. financial system when it is needed most dearly. According to the Independent Community Bankers of America, these institutions account for 60% of total small business loans in America.

那麼，為什麼在《天才法案》中宣布了這種戈德洛克情景。簡而言之，與民主黨緊密一致的社區銀行不希望給他們本來具有挑戰的運營環境帶來額外的壓力。他們害怕穩定的發行人會吮吸其需求存款乾燥，不僅會傷害他們的盈利能力，而且在最需要時會從美國金融體系中降低信貸。根據美國獨立社區銀行家的說法，這些機構占美國小企業總貸款的60％。

In a May 16 letter to the Senate, the ICBA wrote, “The prohibition on yield-bearing payment stablecoins is an important provision of the Act. This language should be further strengthened to ensure the intent of the legislation cannot be evaded through affiliate relationships or by offering other incentives. As noted in the TBAC report, yield-bearing stablecoins in particular pose a significant threat to

ICBA在5月16日給參議院的一封信中寫道：“禁止承重付款穩定的stabablecoins是該法案的重要規定。應進一步加強該語言，以確保不能通過會員關係或提供其他激勵措施來逃避立法的意圖。