Stablecoins是完美的业务：客户给您钱，您会发行代币，代表1美元

Stablecoins与人们所能获得的企业一样完美。客户给您钱，您会向他们发行代币，代表$ 1

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

Stablecoins与人们所能获得的企业一样完美。

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.

客户给您钱，您会向他们发行一个代币，该令牌价值为1美元，然后您可以将这些股票投资于美国国债和其他短期持股。

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.

您不必与客户分享任何利润。实际上，根据《天才法》的案文，该法案在周一晚上在美国参议院实现了泥土，这样做是非法的。更重要的是，人们几乎从来没有要求他们的钱退还，所以他们的资金不断上升。

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.

两位最大的稳定币（USDT），市值为1513亿美元，美元硬币（USDC）为602.6亿美元，占2387亿美元Stablecoin Market的87％以上。除了2022年，加密货币中有一系列崩溃，而2023年的银行危机（特别伤害了USDC），他们的供应始终向右移动。

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.

我们在谈论哪些类型的利润？去年，系带赚了130亿美元。这是全球最大的资产经理的双重贝莱德（Double BlackRock），其基础上带来了63亿美元，而Coinbase的利润为25.8亿美元。 Circle去年的利润要小得多，1.56亿美元，但该公司目前正在通过IPO公开销售数十亿美元的IPO，同时是Coinbase和Coinbase和Ripple之间竞标战争的目标，可能将其重视为50亿美元或更多。

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.

随着加密货币现在获得主流的接受，这些数字只有可能增长。最近，美国财政部的借贷咨询委员会估计，M1货币供应量的6.6万亿美元可以将其转移到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?

这些公司显然可以节省利润，并且随着《天才法案》（Genius Act）在DC中看似即将来临的通过，其金库可能会更高，这将在历史上首次使Stablecoins合法化。但是，将阻止客户参与这种增长的任何一项 - 民主党人要求的特许权。为什么聚会通常会反击业务和亲消费者不坚持顾客参与战利品？

Community Bank Blowback

社区银行的反击

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.

立法者可能由于多种原因而不愿意允许承担屈服的稳定剂。对于初学者而言，根据Howey Test，这种稳定的人可能是证券，这是用于确定此类问题的司法先例。如果他们有更风险的贷款来维持当前的利润水平，那将引入其他监管审查，也许会鲁ck。对于已经有几个近距离电话的行业来说，这可能被认为是危险的。

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.

与最后情况相比，tradfi类比是净利息利润率（NIM）。银行通过借贷和贷款长久赚钱。两个利率之间的区别是尼姆或银行的利润。作为一个简单的类比，银行的全国平均储蓄率今天为0.42％。固定30年抵押贷款的当前平均值为6.89％。在这种情况下，差异将是NIM，这将是健康的。

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.

可以想象，Stablecoin发行人可以通过提供高于0.42％的平均收益率来为客户创造双赢的情况，并且鉴于30天财政部的年收益率为4.37％，但仍然可以赚取大笔利润。另外，它们的开销要比实体银行少得多。他们应该能够比银行更小的nim来努力，根据FDIC，该银行从2023年到2024年将被保险机构的8个基点降至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.

那么，为什么在《天才法案》中宣布了这种戈德洛克情景。简而言之，与民主党紧密一致的社区银行不希望给他们本来具有挑战的运营环境带来额外的压力。他们害怕稳定的发行人会吮吸其需求存款干燥，不仅会伤害他们的盈利能力，而且在最需要时会从美国金融体系中降低信贷。根据美国独立社区银行家的说法，这些机构占美国小企业总贷款的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日给参议院的一封信中写道：“禁止承重付款稳定的stabablecoins是该法案的重要规定。应进一步加强该语言，以确保不能通过会员关系或提供其他激励措施来逃避立法的意图。