系绳，圈子和寻求稳定的产量：一个新时代？

探索Stablecoins不断发展的景观，重点关注系绳，圈子以及对用户中产量分配的需求不断增长。

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

系绳，圈子和寻求稳定的产量：一个新时代？

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的世界正在加热！由于巨人像系绳和圆圈从高利率获得利润，因此现在关注的是如何将这些收益率交到日常用户的手中。让我们研究最新的趋势和见解。

The Big Squeeze: Tether and Circle's Profit Party

大挤压：系绳和圈子的利润派对

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.

由于当前的高利率环境，系绳和圆圈都坐着漂亮。他们持有大量的美国国债，产生了严重的收益率。例如，系绳报告了2025年第二季度的净利润高达49亿美元！但这是踢球者：Stablecoin持有者没有看到这些利润一毛钱。一些专家说，他们是通过捕获利润而不将其分配给代币持有人而“打印资金”的。

The People Want Yield!

人们想要产量！

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.

随着利率保持较高，用户开始需要一块馅饼。系绳和圆圈为什么要获得所有乐趣？这种需求助长了M^0和Agora等新平台的兴起。这些平台旨在直接将最终用户或应用程序屈服，从而创建一个更公平的系统。

Yield-Sharing: Not Without Risks

屈服分享：并非没有风险

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.

当然，这种转变并非没有潜在的弊端。 Tether认为，共享收益率可以从根本上改变Stablecoins的风险状况并引起不必要的监管注意力。他们强调，对于许多用户，尤其是在新兴市场中，Stablecoins是反对通货膨胀和资本控制的生命线。

Real-World Use Cases and Financial Innovation

现实世界的用例和财务创新

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!

除了产量辩论之外，Stablecoin市场还在现实世界中扩展。我们正在谈论跨境支付，外汇服务，甚至是用于交易所的抵押品的标记货币市场资金。可能性是无限的！

My Take: A Tipping Point for Stablecoins?

我的看法：稳定菌的转折点？

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户在某个时候需要一份份额。 Circle以13亿美元的价格收购了Hashnote，这是USYC的标记货币市场基金的发行人，这表明该市场已准备好满足需求。 M^0和Agora之类的平台正在加紧挑战现状，而金融创新也在蓬勃发展。虽然尚未成为主流，但令牌化的货币市场基金正在增长。

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

未来是光明的（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景观正在发展，这是一个令人兴奋的时刻。无论是通过新平台，创新的金融产品，还是仅仅是期望的变化，Stablecoins的未来看起来都显得更加明亮，并且希望每个人都更加有利可图。所以，扣紧，毛cup！ Stablecoin革命才刚刚开始，这将是一次疯狂的旅程！