繫繩，圈子和尋求穩定的產量：一個新時代？

探索Stablecoins不斷發展的景觀，重點關注繫繩，圈子以及對用戶中產量分配的需求不斷增長。

Tether, Circle, and the Quest for Stablecoin Yield: A New Era?

繫繩，圈子和尋求穩定的產量：一個新時代？

The world of stablecoins is heating up! With giants like Tether and Circle raking in profits from high-interest rates, the spotlight is now on how to get those yields into the hands of everyday users. Let's dive into the latest trends and insights.

Stablecoins的世界正在加熱！由於巨人像繫繩和圓圈從高利率獲得利潤，因此現在關注的是如何將這些收益率交到日常用戶的手中。讓我們研究最新的趨勢和見解。

The Big Squeeze: Tether and Circle's Profit Party

大擠壓：繫繩和圈子的利潤派對

Tether and Circle are sitting pretty, thanks to the current high-interest rate environment. They're holding massive amounts of U.S. Treasuries, generating serious yield. For example, Tether reported a whopping $4.9 billion net profit for the second quarter of 2025! But here's the kicker: stablecoin holders aren't seeing a dime of those profits. Some experts are saying they are “printing money” by capturing the profits without distributing them to the token holders.

由於當前的高利率環境，繫繩和圓圈都坐著漂亮。他們持有大量的美國國債，產生了嚴重的收益率。例如，繫繩報告了2025年第二季度的淨利潤高達49億美元！但這是踢球者：Stablecoin持有者沒有看到這些利潤一毛錢。一些專家說，他們是通過捕獲利潤而不將其分配給代幣持有人而“打印資金”的。

The People Want Yield!

人們想要產量！

As interest rates stay high, users are starting to demand a piece of the pie. Why should Tether and Circle have all the fun? This demand is fueling the rise of new platforms like M^0 and Agora. These platforms aim to reroute yield directly to end-users or applications, creating a more equitable system.

隨著利率保持較高，用戶開始需要一塊餡餅。繫繩和圓圈為什麼要獲得所有樂趣？這種需求助長了M^0和Agora等新平台的興起。這些平台旨在直接將最終用戶或應用程序屈服，從而創建一個更公平的系統。

Yield-Sharing: Not Without Risks

屈服分享：並非沒有風險

Of course, this shift isn't without its potential downsides. Tether, for one, argues that sharing yield could fundamentally change the risk profile of stablecoins and attract unwanted regulatory attention. They emphasize that for many users, especially in emerging markets, stablecoins are a lifeline against inflation and capital controls.

當然，這種轉變並非沒有潛在的弊端。 Tether認為，共享收益率可以從根本上改變Stablecoins的風險狀況並引起不必要的監管注意力。他們強調，對於許多用戶，尤其是在新興市場中，Stablecoins是反對通貨膨脹和資本控制的生命線。

Real-World Use Cases and Financial Innovation

現實世界的用例和財務創新

Beyond the yield debate, the stablecoin market is also expanding into real-world applications. We're talking cross-border payments, foreign exchange services, and even tokenized money market funds being used as collateral on exchanges. The possibilities are endless!

除了產量辯論之外，Stablecoin市場還在現實世界中擴展。我們正在談論跨境支付，外匯服務，甚至是用於交易所的抵押品的標記貨幣市場資金。可能性是無限的！

My Take: A Tipping Point for Stablecoins?

我的看法：穩定菌的轉折點？

It seems inevitable that users will, at some point, demand a share. Circle's acquisition of Hashnote for $1.3 billion, the issuer of the tokenized money market fund USYC, shows that the market is ready for the demand. Platforms like M^0 and Agora are stepping up to challenge the status quo, and financial innovation is booming. While it is not yet mainstream, Tokenized money market funds are growing.

似乎不可避免的是用戶在某個時候需要一份份額。 Circle以13億美元的價格收購了Hashnote，這是USYC的標記貨幣市場基金的發行人，這表明該市場已準備好滿足需求。 M^0和Agora之類的平台正在加緊挑戰現狀，而金融創新也在蓬勃發展。雖然尚未成為主流，但令牌化的貨幣市場基金正在增長。

The Future is Bright (and Hopefully Yield-Bearing!)

未來是光明的（希望能屈服！）

The stablecoin landscape is evolving, and it's an exciting time to be involved. Whether it's through new platforms, innovative financial products, or simply a change in expectations, the future of stablecoins is looking brighter – and hopefully more profitable – for everyone. So, buckle up, buttercups! The stablecoin revolution is just getting started, and it's gonna be a wild ride!

Stablecoin景觀正在發展，這是一個令人興奮的時刻。無論是通過新平台，創新的金融產品，還是僅僅是期望的變化，Stablecoins的未來看起來都顯得更加明亮，並且希望每個人都更加有利可圖。所以，扣緊，毛cup！ Stablecoin革命才剛剛開始，這將是一次瘋狂的旅程！