Stablecoin摊牌：Coinbase，PayPal和监管绳索

Coinbase和PayPal在不断发展的Stablecoin景观中浏览，利用合作伙伴关系和监管漏洞，以提供奖励，同时扩大北美的服务。

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 - 三级型的三级值，主导了数字融资对话。这些巨人不仅适应不断变化的景观。他们正在积极地塑造它，尤其是在《天才法案》这样的法规之后。让我们深入了解他们的最新动作及其对您的意义。

Coinbase and PayPal Expand Partnership to Canada

Coinbase和PayPal将合作伙伴扩展到加拿大

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?

对于我们北部的邻居来说，大新闻！ Coinbase和PayPal正在将其合作伙伴关系从美国扩大到加拿大，这使得在那里超过1000万PayPal用户的加密交易更加顺畅。这意味着加拿大人现在可以使用其可信赖的PayPal帐户在Coinbase上无缝地买卖加密货币，将其银行，卡或Paypal钱包直接链接到交易所。一切都与便利有关，是吗？

The GENIUS Act Loophole: Rewards vs. Interest

天才行为漏洞：奖励与兴趣

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?

这是事情变得有趣的地方。 《天才法》旨在调节stablecoins，有一个漏洞，Coinbase和Paypal正在驾驶卡车。该法案限制了对Stablecoins的利息，但这些公司认为他们没有支付利息；他们给出了奖励。都是语义，对吗？

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首席执行官Brian Armstrong澄清说，Coinbase不是USDC的发行人；圆圈是。同样，PayPal USD（PYUSD）由Paxos发行。由于Coinbase和PayPal不是发行人，因此他们声称《天才法》不适用于其奖励计划。他们本质上将其平台生成的部分收入分配给在钱包中持有稳定的用户。

Industry Reactions

行业反应

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.

意见分歧。有些人将其视为调节性套利，利用灰色区域。加密创新委员会首席执行官希拉·沃伦（Sheila Warren）称其为“经典案例”。其他人则认为它是最好的创新。纽约大学斯特恩教授迈克尔·昂格（Michael Sung）认为，只要有透明度和用户同意，分享收入就是双赢。

The SEC's Stance

SEC的立场

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.

并非每个人都很兴奋。据报道，美国证券交易委员会（SEC）正在审查这种模型，关注没有足够投资者保护的回报。还没有正式的动作，但请睁大眼睛。

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.

尽管Coinbase和Paypal正在采取行动，但Solana悄悄地成为了一个稳定的枢纽。 Solana的Stablecoin市值已达到106亿美元，USDC主导。 FDUSD和SUSD等新的Stablecoins正在选择Solana的可扩展性和成本效益，这使以太坊为其赚钱而付出。

Institutional Interest

机构利益

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.

机构正在注意。 JPMorgan推出了JPMD Stablecoin，Circle的IPO正在吸引。 Solana的快速，高效的网络使其吸引了探索区块链技术的机构。但是，这也意味着对审查的审查以及对强大安全措施的需求。

Looking Ahead

展望未来

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景观是动态的，有监管挑战和创新的解决方案不断出现。 Coinbase和PayPal正在寻找在（技术上）遵守技术的同时为其用户提供价值的方法。这是否会持续到任何人的猜测，但是就目前而言，Stablecoin奖励计划还活着并踢了。

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.

很难不将其视为聪明的解决方法。尽管我赞赏创新，但如果监管机构觉得法律的精神受到侵犯，则有监管机构会破裂。这是一个微妙的平衡，透明度将是关键。对用户来说，扩展到加拿大是个好消息，但真正的故事是这些公司如何导航监管迷宫。

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!

那么，这意味着什么？这意味着加密世界一如既往地不可预测和令人兴奋。有一天，您正在浏览监管漏洞，下一个您将在边界扩展服务。请继续关注，因为这是您不想错过的过山车！