Stablecoin产量：Coinbase，PayPal和监管绳索

在涉及Coinbase和Paypal的稳定菌，收益率和监管审查的不断发展的景观中。

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的世界越来越辣！尽管有新的规定，Coinbase和PayPal仍在寻找方法，以便在其稳定股中为用户提供美味的收益率。但是，他们如何做，这对数字美元的未来意味着什么？

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》旨在将命令送入Stablecoin市场，禁止发行人直接提供利息或收益。目标？将以付款为中心的稳定币与投机性投资分开。但是，该法律专门针对发行人，为Coinbase和Paypal等平台留下了潜在的开放。

Coinbase, PayPal, and the Reward Game

Coinbase，PayPal和奖励游戏

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与Circle（USDC发行人）合作，在USDC Holdings上提供约4.1％的APY。 PayPal与PAXOS（PYUSD发行人）合作，通过其应用程序和Venmo提供约3.7％的APY。至关重要的是，他们避免将这些支出称为“利息”，将其构架为奖励或收入分享。这就像是说：“我们不支付利息；我们只是超级慷慨！”

A Legal Gray Zone?

合法的灰色区域？

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.

这种解决方法突出了Stablecoin法规中的关键张力。发行人无法提供收益率，但中介似乎可以。批评者认为这创造了一个不平衡的竞争环境。支持者说，平台只是在使他们的浮动和平台收入获利，从而使用户受益。但是，监管机构可能认为这是破坏法律精神的漏洞。

SEC's Stance: Stablecoins as Digital Cash

SEC的立场：Stablecoins作为数字现金

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试图跟上。他们发布了根据“ Project Crypto”的主动性，将某些Stablecoins分类为数字现金同等物质的临时准则。为了获得资格，Stablecoins必须保持一致的1：1 USD PEG，以液体资产的全面抵押，并提供按需赎回权。这旨在增加机构的信心和对稳定的接受。

Tokenized MMFs: A Rising Alternative?

标记的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.

由于对稳定产量的限制，令牌化的货币市场基金（MMF）正在成为潜在的替代方案。摩根大通（JPMorgan）和安西（Ey）建议他们可以在维持监管监督的同时复制稳定速度和灵活性。尽管Stablecoins具有偏好的优势，但产量因素可能会影响投资者对MMFS的影响。

The Banking Lobby and Regulatory Influence

银行大厅和监管影响

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.

耳语表明，传统的银行业在塑造天才法案中发挥了作用，旨在保护其草皮免受Stablecoin竞争的侵害。银行担心将存款人丢给了更高的稳定者。这就像一个经典的摊牌：老式的财务与新时代的加密货币。

The Future: Regulation vs. Innovation

未来：法规与创新

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景观是调节和创新之间不断的拔河。 《天才法》和SEC不断发展的指南是试图管理风险的尝试，但它们也有可能扼杀创新。平台正在寻找浏览规则的创新方式，而监管机构正在追赶。

The Bottom Line

底线

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，用户仍然可以通过Coinbase和PayPal等平台来赚取其Stablecoin持有量。但是这些奖励计划的未来取决于监管机构如何执行法律。在数字金融世界中，这是一个疯狂的旅程！

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，抓住您的稳定币，扣紧扣，并享受（可能短暂的）产量。谁知道明天会带来这个不断发展的传奇？