<h2>稳定币产生利息，流动性循环</h2>
<p>立法进展顺利，预计到年中将为稳定币、代币化和去中心化金融（DeFi）发展带来多重好处。然而，<strong>对稳定币被禁止产生被动利息的规定也将使链上未来变得不明朗</strong>。</p>
<p>这种担忧并非毫无根据。从 ETF 和 DAT 到华尔街的 RWA 尝试，数字货币定价权的争夺始终存在。合规往往意味着承认一个既定框架，以稳定的名义熄灭草根创新的火焰。</p>
<p>ETF 牺牲了 BTCFi，DAT 造成了系统性危机，而 RWA 拒绝了现有的公链。</p>
<p>ETF 牺牲了 BTCFi，DAT 造成了系统性危机，而 RWA 拒绝了现有的公链。</p>
<p>《清晰法案》表面上压缩了像$USDT 这样的离岸美元稳定币的套利空间，但实际上，通过分离和结合支付与回报，美国试图在黄金、石油和信用之外尝试一种新的美元流通模式。支付稳定币的故事本质上已经结束；关于稳定币产生利息的篇章即将开始。三管齐下的缺失部分：支付稳定币。心系金钱学习的乐趣多于对你的期望。我一直在想，《天才法案》究竟将如何使 “支付稳定币” 的叙述成为现实？随着华尔街巨头在《清晰法案》通过前夕部署代币化策略，这种疑虑在加深。没错，我没有错；他们正在部署代币化业务以产生稳定币的利息。5 月 8 日，黑石除了 BUILD 外，计划推出两个新的 TMMF（代币化货币市场基金），名为 BSTBL 和 BRSRV。5 月 13 日，摩根大通除了 MONY 外，推出了其第二个 TMMF，JLTXX。此外，黑石明确表示，新产品是为了满足稳定币发行者日益增长的需求，摩根大通也强调遵守《天才法案》的相关资格要求。仔细查看条款可以发现，《天才法案》确实增加了关于代币化的表述，允许代币化形式的美国国债和美元作为稳定币发行的储备。这并没有明确稳定币、代币化和支付之间的关系；需要进一步探索。在《天才法案》下，稳定币发行资格分配给 OCC 的联邦特许银行机制。这些银行不能接受存款，必须保持足够的储备，防止其侵占商业银行的贷款业务。在这种背景下，政策创造了市场需求；稳定币发行者要么像 USDT 和 USDC 那样大量购买美国国债，超过许多主权国家，要么直接购买 TMMF 等 RWA 资产，这对依赖利润分享吸引用户的稳定币如 USDS/sUSDS 至关重要。这消除了认购和赎回美国国债的复杂过程；链上利润分享和实时利息生成更符合用户习惯。根据 @ElectricCapital 的数据，黑石的 BUIDL 股份中有 98% 是由各种利息稳定币发行者认购的。此外，最巧妙的地方在于，散户投资者无法直接购买代币化产品。政策塑造市场结构，这就是这项出色立法如何创造 “支付稳定币” 的秘密。一项法律不能仅仅依靠强制来迫使市场参与者遵守；否则，USDT 不会在地下存在这么多年。只有适应市场趋势，才能以最小的努力取得显著成果。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7468448_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="1038" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7468448_image3.png"/></p>
<p>图片描述：TMMF 支持支付稳定币</p>
<p>数据来源：@ElectricCapital</p>
<p>黑石的代币化产品，虽然在链上流通，但无法 “无权限” 购买，仍需遵守 KYC、合格投资者等审核条件，基本上针对 B 端用户销售。你无法监控去中心化的个人买卖，就像美国政府无法监控现金美元的流通一样，但监控少数巨头是容易的。通过承认代币化资产，美国巧妙地构建了稳定币发行者、华尔街巨头和监管者之间可行的框架。用户收到的稳定币只能用于支付，因为它们不产生利息。一项出色的法案将稳定币和代币化绑定在一起，通过使稳定币成为美国国债的终端用户零售层，回答了之前的问题。之前，美国美元依赖于商业银行的贷款机制；未来，它将依赖于代币化公司的中介角色。套利机会，稳定币产生利息。如果《天才法案》承认代币化创造了支付稳定币，那么《清晰法案》则限制了由代币化驱动的稳定币利息生成的发展。利息生成的重要性并不在于银行业对存款流出的担忧；在摩根大通开设账户是困难的，在 Coinbase 上赚钱也是困难的。观察到在《清晰法案》下，如果用户选择质押以获取利息，理想情况下，稳定币发行者的利息来源只能是美国国债产品。然而，这引发了新的问题。像 Sky/Ethena 这样的稳定币，发行链上稳定币，并不一定需要 OCC 银行执照，因此需要新的安排来生成利息，特别是对于 DeFi。过高的监管成本是国会为 DeFi 发展做出 “宽松” 安排的根本原因。此外，美国美元需要稳定币进行分配。</p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7468449_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="600" height="814" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7468449_image3.png"/></p>
<p>图片描述：巨头争夺清晰立法</p>
<p>图片来源：@zuoyeweb3</p>
<p>这种分配主要分为两个类别：一个是巨头之间的 B 端客户获取路径，另一个是在链上和跨区域的 C 端套利发行。</p>
<p>在行业巨头中，关键在于对 “禁止被动利息产生” 的严格程度，其中介角色也因此有所不同。如果 DeFi 也受到限制，联盟区块链模型可能会复苏；如果相对宽松，则可能与链上稳定币进行更深层次的合作。此外，这些巨头的中介模式难以绕过。Ondo 和类似平台选择作为这些巨头的零售分销商，而 OSL 和类似平台则选择海外合规的美元稳定币轨道。继续这个思路，Sky 将多样化的 “RWA” 加入 USDS 储备，本质上是杠杆套利，微妙地将全储备转换为部分储备。一个关键的新兴需求是如何在美国国债之上提升稳定币收益。这需要更复杂的金融工程设计，这正是各种 DeFi 收益策略的用武之地。可以观察到，赚取利息的机制针对的是像$USDT 这样的离岸美元稳定币，使得黑石的 TMMF 能够替代其作为国债买家的角色。对于链上美元和合规的离岸美元，将会出现新的套利机会。它们无法持续赚取大规模的美国国债收益，必须不断促进利用增长，间接推动美元的流通和稳定购买美国国债。在这两种动态之间，用户会尽可能使用稳定币，因为持有它们会贬值，而使用产生的利息将流回美国金融系统，因为其基础资产是美国国债。这就是《清晰法案》的真正目的：在全球范围内创造对美元的个体需求。稳定币的发行需要美国国债，稳定币的利息产生也需要美国国债，最终完成循环。总之，要超越主权国家的限制，必须依赖这种对支付的刚性需求。然而，推动稳定币的采用必须依赖于像收益这样的直接机制。《天才法案》和《清晰法案》都关注稳定币与利息产生活动的纠缠。它们无法监管 DeFi 和跨区域套利，迫使华尔街作为中介来控制收益。这也提供了保证，无论《清晰法案》是否按计划通过，套利机制都不会停止。</p>

摩根大通

<p>《清晰法案》旨在通过将支付与利息生成分开来重塑稳定币的格局，这可能会限制稳定币的被动收入机会。随着黑石集团和摩根大通等主要金融机构推出代币化货币市场基金，该立法试图创建一种新的美元流通模式。然而，这引发了关于稳定币、代币化和支付之间关系的问题，因为遵守《天才法案》对稳定币发行者变得至关重要。不断发展的框架可能会限制利息生成，同时将稳定币定位为美国国债的零售层</p>

<h2>Stablecoins generate interest, liquidity circulates</h2>
<div class="lb-trans"><h2>稳定币产生利息，流动性循环</h2>
</div><p>The legislation is progressing smoothly and is expected to bring multiple benefits to stablecoins, tokenization, and DeFi development by mid-year. However, <strong>The prohibition of passive interest generation for stablecoins will also make the on-chain future unclear</strong>.</p>
<div class="lb-trans"><p>立法进展顺利，预计到年中将为稳定币、代币化和去中心化金融（DeFi）发展带来多重好处。然而，<strong>对稳定币被禁止产生被动利息的规定也将使链上未来变得不明朗</strong>。</p>
</div><p>This is not unfounded worry. From ETFs and DAT to Wall Street's RWA attempts, there is a constant struggle for crypto pricing power. Compliance often means acknowledging an established framework, extinguishing the flame of grassroots innovation in the name of stability.</p>
<div class="lb-trans"><p>这种担忧并非毫无根据。从 ETF 和 DAT 到华尔街的 RWA 尝试，数字货币定价权的争夺始终存在。合规往往意味着承认一个既定框架，以稳定的名义熄灭草根创新的火焰。</p>
</div><p>ETFs sacrificed BTCFi, DAT created a systemic crisis, and RWA rejected existing public chains.</p>
<div class="lb-trans"><p>ETF 牺牲了 BTCFi，DAT 造成了系统性危机，而 RWA 拒绝了现有的公链。</p>
</div><p>ETFs sacrificed BTCFi, DAT created a systemic crisis, and RWA rejected existing public chains.</p>
<div class="lb-trans"><p>ETF 牺牲了 BTCFi，DAT 造成了系统性危机，而 RWA 拒绝了现有的公链。</p>
</div><p>The Clear Act, on the surface, compresses the arbitrage space for offshore dollar stablecoins like $USDT, but in reality, by separating and combining payments and returns, the US is attempting a new dollar circulation model beyond gold, oil, and credit. The story of payment stablecoins is essentially over; the chapter on stablecoin interest-bearing is about to begin. A missing piece in the three-pronged approach: payment stablecoins. Setting my heart on money learning pleasure more than Thee. I've always wondered, how exactly will the Genius Act make the narrative of &#34;payment stablecoins&#34; a reality? As Wall Street giants deploy tokenization strategies on the eve of the clear bill's passage, this doubt is growing. Yes, I'm not wrong; they are deploying tokenization businesses to generate interest on stablecoins. On May 8th, BlackRock, in addition to BUILD, planned to launch two new TMMFs (Tokenized Money Market Funds) named BSTBL and BRSRV. On May 13th, JPMorgan Chase, in addition to MONY, launched its second TMMF, JLTXX. Moreover, BlackRock explicitly stated that the new products are to meet the growing needs of stablecoin issuers, and JPMorgan Chase also emphasized compliance with the relevant qualification requirements of the Genius Act. A closer look at the provisions reveals that the Genius Act does indeed increase the wording regarding tokenization, allowing tokenized forms of US Treasury bonds and the US dollar to be used as reserves for stablecoin issuance. This doesn't clarify the relationship between stablecoins, tokenization, and payments; further exploration is needed. Under the Genius Act, stablecoin issuance qualifications are allocated to the OCC's federally chartered banking mechanism. These banks cannot accept deposits and must maintain sufficient reserves, preventing them from encroaching on commercial bank lending business. In this context, policy creates market demand; stablecoin issuers either build their own reserves, as seen with USDT and USDC's massive purchases of US Treasury bonds, surpassing many sovereign nations. Alternatively, directly purchase RWA assets such as TMMF, which is crucial for stablecoins like USDS/sUSDS that rely on profit sharing to attract users. This eliminates the complex process of subscribing to and redeeming US Treasury bonds; on-chain profit sharing and real-time interest generation are more in line with user habits. According to data from @ElectricCapital, 98% of BlackRock's BUIDL shares were subscribed by various interest-bearing stablecoin issuers. Moreover, the most ingenious aspect is that retail investors cannot directly purchase tokenized products. Policy shapes the market structure, which is the secret to how this brilliant legislation created a &#34;payment stablecoin.&#34; A law cannot rely solely on coercion to compel market participants to comply; otherwise, USDT wouldn't have remained underground for so many years. Only by adapting to market trends can one achieve significant results with minimal effort.</p>
<div class="lb-trans"><p>《清晰法案》表面上压缩了像$USDT 这样的离岸美元稳定币的套利空间，但实际上，通过分离和结合支付与回报，美国试图在黄金、石油和信用之外尝试一种新的美元流通模式。支付稳定币的故事本质上已经结束；关于稳定币产生利息的篇章即将开始。三管齐下的缺失部分：支付稳定币。心系金钱学习的乐趣多于对你的期望。我一直在想，《天才法案》究竟将如何使 “支付稳定币” 的叙述成为现实？随着华尔街巨头在《清晰法案》通过前夕部署代币化策略，这种疑虑在加深。没错，我没有错；他们正在部署代币化业务以产生稳定币的利息。5 月 8 日，黑石除了 BUILD 外，计划推出两个新的 TMMF（代币化货币市场基金），名为 BSTBL 和 BRSRV。5 月 13 日，摩根大通除了 MONY 外，推出了其第二个 TMMF，JLTXX。此外，黑石明确表示，新产品是为了满足稳定币发行者日益增长的需求，摩根大通也强调遵守《天才法案》的相关资格要求。仔细查看条款可以发现，《天才法案》确实增加了关于代币化的表述，允许代币化形式的美国国债和美元作为稳定币发行的储备。这并没有明确稳定币、代币化和支付之间的关系；需要进一步探索。在《天才法案》下，稳定币发行资格分配给 OCC 的联邦特许银行机制。这些银行不能接受存款，必须保持足够的储备，防止其侵占商业银行的贷款业务。在这种背景下，政策创造了市场需求；稳定币发行者要么像 USDT 和 USDC 那样大量购买美国国债，超过许多主权国家，要么直接购买 TMMF 等 RWA 资产，这对依赖利润分享吸引用户的稳定币如 USDS/sUSDS 至关重要。这消除了认购和赎回美国国债的复杂过程；链上利润分享和实时利息生成更符合用户习惯。根据 @ElectricCapital 的数据，黑石的 BUIDL 股份中有 98% 是由各种利息稳定币发行者认购的。此外，最巧妙的地方在于，散户投资者无法直接购买代币化产品。政策塑造市场结构，这就是这项出色立法如何创造 “支付稳定币” 的秘密。一项法律不能仅仅依靠强制来迫使市场参与者遵守；否则，USDT 不会在地下存在这么多年。只有适应市场趋势，才能以最小的努力取得显著成果。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7468448_image3.png" alt="" original-src="https://img.jinse.com.cn/7468448_image3.png"/></p>
<p>Image description: TMMF supports payment stablecoin</p>
<div class="lb-trans"><p>图片描述：TMMF 支持支付稳定币</p>
</div><p>Data source: @ElectricCapital</p>
<div class="lb-trans"><p>数据来源：@ElectricCapital</p>
</div><p>BlackRock's tokenized products, although circulating on-chain, cannot be purchased &#34;without permission&#34; and still need to comply with KYC, qualified investor and other review conditions, basically targeting B End-user sales. You can't monitor decentralized individual buying and selling, just as the US government can't monitor the circulation of cash dollars, but monitoring a few giants is easy. By recognizing tokenized assets, the US cleverly constructs a feasible framework between stablecoin issuers, Wall Street giants, and regulators. Stablecoins received by users can only be used for payments because they don't earn interest. A brilliant bill binds stablecoins and tokenization together, answering the earlier question by making stablecoins the end-user retail layer of US Treasury bonds. Previously, the US dollar relied on commercial bank lending mechanisms; in the future, it will rely on the intermediary role of tokenized companies. Arbitrage opportunities, stablecoin interest generation. If the Genius Act acknowledges that tokenization created payment stablecoins, then the Clarity Act restricts the development of stablecoin interest generation driven by tokenization. The importance of interest generation does not lie in the banking industry's concerns about deposit outflows; opening an account at JPMorgan Chase is difficult, and making money on Coinbase is difficult. Observe that under the Clarity Act, if users choose to stake for interest, ideally, stablecoin issuers' interest sources can only be US Treasury products. However, this raises new issues. Stablecoins like Sky/Ethena, which issue on-chain stablecoins, don't necessarily need an OCC banking license, so new arrangements are needed for interest generation, especially for DeFi. Excessive regulatory costs are the fundamental reason why Congress has made &#34;lenient&#34; arrangements for DeFi development. In addition, the US dollar needs stablecoins for distribution.</p>
<div class="lb-trans"><p>黑石的代币化产品，虽然在链上流通，但无法 “无权限” 购买，仍需遵守 KYC、合格投资者等审核条件，基本上针对 B 端用户销售。你无法监控去中心化的个人买卖，就像美国政府无法监控现金美元的流通一样，但监控少数巨头是容易的。通过承认代币化资产，美国巧妙地构建了稳定币发行者、华尔街巨头和监管者之间可行的框架。用户收到的稳定币只能用于支付，因为它们不产生利息。一项出色的法案将稳定币和代币化绑定在一起，通过使稳定币成为美国国债的终端用户零售层，回答了之前的问题。之前，美国美元依赖于商业银行的贷款机制；未来，它将依赖于代币化公司的中介角色。套利机会，稳定币产生利息。如果《天才法案》承认代币化创造了支付稳定币，那么《清晰法案》则限制了由代币化驱动的稳定币利息生成的发展。利息生成的重要性并不在于银行业对存款流出的担忧；在摩根大通开设账户是困难的，在 Coinbase 上赚钱也是困难的。观察到在《清晰法案》下，如果用户选择质押以获取利息，理想情况下，稳定币发行者的利息来源只能是美国国债产品。然而，这引发了新的问题。像 Sky/Ethena 这样的稳定币，发行链上稳定币，并不一定需要 OCC 银行执照，因此需要新的安排来生成利息，特别是对于 DeFi。过高的监管成本是国会为 DeFi 发展做出 “宽松” 安排的根本原因。此外，美国美元需要稳定币进行分配。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/7468449_image3.png" alt="" original-src="https://img.jinse.com.cn/7468449_image3.png"/></p>
<p>Image description: Giants vying for clear legislation</p>
<div class="lb-trans"><p>图片描述：巨头争夺清晰立法</p>
</div><p>Image source: @zuoyeweb3</p>
<div class="lb-trans"><p>图片来源：@zuoyeweb3</p>
</div><p>This distribution falls into two main categories: one is the B-end customer acquisition path between giants, and the other is on-chain and cross-regional C-end arbitrage issuance.</p>
<div class="lb-trans"><p>这种分配主要分为两个类别：一个是巨头之间的 B 端客户获取路径，另一个是在链上和跨区域的 C 端套利发行。</p>
</div><p>Among industry giants, the stakes lie in the strictness of the &#34;ban on passive interest generation,&#34; and their intermediary roles differ accordingly. If DeFi is also restricted, the consortium blockchain model may revive; if it's relatively lenient, deeper cooperation with on-chain stablecoins is possible. Furthermore, the intermediary model of these giants is difficult to bypass. Ondo and similar platforms choose to act as retail distributors for these giants, while OSL and similar platforms choose the overseas compliant USD stablecoin track. Continuing this line of thought, Sky's addition of diversified &#34;RWA&#34; to USDS reserves is essentially leveraged arbitrage, subtly converting full reserves into partial reserves. A key emerging demand is how to boost stablecoin yields on top of US Treasury bonds. This requires more complex financial engineering designs, which is where various DeFi yield strategies come in. It can be observed that the interest-earning mechanism targets offshore USD stablecoins like $USDT, allowing BlackRock's TMMF to replace its role as a Treasury bond buyer. For on-chain USD and compliant offshore USD, new arbitrage opportunities will emerge. They cannot consistently earn large-scale US Treasury bond yields and must continuously promote utilization growth, indirectly promoting the circulation of USD and stable purchases of US Treasury bonds. Between these two dynamics, users will try to use stablecoins as much as possible because holding them will depreciate, while the interest generated from their use will flow back into the US financial system, since the underlying asset is US Treasury bonds. This is the true purpose of the Clear Act: to create individual demand for the US dollar globally. Stablecoin issuance requires US Treasury bonds, and stablecoin interest generation also requires US Treasury bonds, ultimately completing the cycle. In conclusion, to transcend the limitations of sovereign states, it is necessary to rely on this rigid demand for payments. However, promoting the adoption of stablecoins must rely on a direct mechanism like returns. The Genius Bill and the Clarity Bill both focus on the entanglement of stablecoins and interest-bearing activities. Their inability to regulate DeFi and cross-regional arbitrage necessitates Wall Street acting as an intermediary to control yields. This also provides reassurance that regardless of whether the Clarity Bill passes as scheduled, the arbitrage mechanism will never cease.</p>
<div class="lb-trans"><p>在行业巨头中，关键在于对 “禁止被动利息产生” 的严格程度，其中介角色也因此有所不同。如果 DeFi 也受到限制，联盟区块链模型可能会复苏；如果相对宽松，则可能与链上稳定币进行更深层次的合作。此外，这些巨头的中介模式难以绕过。Ondo 和类似平台选择作为这些巨头的零售分销商，而 OSL 和类似平台则选择海外合规的美元稳定币轨道。继续这个思路，Sky 将多样化的 “RWA” 加入 USDS 储备，本质上是杠杆套利，微妙地将全储备转换为部分储备。一个关键的新兴需求是如何在美国国债之上提升稳定币收益。这需要更复杂的金融工程设计，这正是各种 DeFi 收益策略的用武之地。可以观察到，赚取利息的机制针对的是像$USDT 这样的离岸美元稳定币，使得黑石的 TMMF 能够替代其作为国债买家的角色。对于链上美元和合规的离岸美元，将会出现新的套利机会。它们无法持续赚取大规模的美国国债收益，必须不断促进利用增长，间接推动美元的流通和稳定购买美国国债。在这两种动态之间，用户会尽可能使用稳定币，因为持有它们会贬值，而使用产生的利息将流回美国金融系统，因为其基础资产是美国国债。这就是《清晰法案》的真正目的：在全球范围内创造对美元的个体需求。稳定币的发行需要美国国债，稳定币的利息产生也需要美国国债，最终完成循环。总之，要超越主权国家的限制，必须依赖这种对支付的刚性需求。然而，推动稳定币的采用必须依赖于像收益这样的直接机制。《天才法案》和《清晰法案》都关注稳定币与利息产生活动的纠缠。它们无法监管 DeFi 和跨区域套利，迫使华尔街作为中介来控制收益。这也提供了保证，无论《清晰法案》是否按计划通过，套利机制都不会停止。</p>
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