<p>作者：Genna Contino</p>
<p>批评者表示，新支付模式显示赌博文化已经劫持了日常消费</p>
<p>新的加密卡 Tuyo 像一张预付借记卡，但它会随机报销用户的支付。</p>
<p>金融产品越来越多地添加游戏化特征，以创造竞争或即时满足感，让用户保持沉迷——最新的例子是一张具有 “先买后付或许” 的预付借记卡。</p>
<p>虽然更知名的先买后付产品允许消费者分期付款，但金融科技公司 Tuyo 的加密货币卡则会为某些购买支付用户的报销。该卡围绕稳定币构建——与另一种资产（通常是美元）挂钩的数字货币——用户在结账时每次刷卡都在赌他们的余额是否会被扣除。</p>
<p>这张卡是美国人消费和投资方式普遍游戏化的最新例子。超过四分之一的美国人表示，他们在在线体育博彩网站上有活跃账户，可以对比赛结果进行复杂的串联投注。同时，像 Kalshi 和 Polymarket 这样的预测市场让人们可以在体育之外进行投注——几乎可以投注任何事情。流行的经纪网站 Robinhood (HOOD) 举办过存款计入抽奖的活动。Step 是一款面向青少年和年轻人的银行应用，具有让用户通过玩游戏和回答调查赚取每月最高 200 美元的功能。</p>
<p>消费者倡导者认为，Tuyo 的先买后付或许模式针对的是那些已经参与高风险金融行为的人，例如体育博彩。虽然用户不能超出卡上加载的金额进行消费，但批评者表示，在购买后立即收到报销通知可能会模仿赌博的感觉并改变消费行为。专家表示，先买后付或许功能也预计会吸引更多消费者进入稳定币的世界，此前消费者金融保护局在亲加密的特朗普政府下大幅缩减。</p>
<p>阅读更多：$668,603,360,342——自 2018 年最高法院裁决以来，人们合法投注体育的金额。</p>
<p>“它把赌场引入了结账线，” 美国消费者联盟金融服务主任 Adam Rust 说。“游戏化消费只是金融科技创新增加风险而不是帮助人们实现财务健康的又一个地方。”</p>
<p>Tuyo 没有回应 MarketWatch 的评论请求。该公司的首席执行官兼联合创始人 Jorge Izquierdo 在 X 上回应批评者称 “这不是赌博” 和 “没有债务。你只能花你拥有的。”</p>
<p>为什么先买后付或许引发警报</p>
<p>Izquierdo 说得对，这张卡的功能更像是一张借记卡而不是信用卡。它不会让你花超过你预加载的金额。然而，消费者倡导者认为，这张卡可能会鼓励人们进行他们本来会跳过的购买，因为有可能是免费的——但报销的确切几率隐藏在一个黑箱中。</p>
<p>在拉斯维加斯赌博时，可能会觉得赌场总是赢，但老虎机至少根据法律要求在一段时间内支付所有下注金额的一部分。对于 Tuyo，支付没有任何保证。其服务条款表示，“BNPM 可能适用的条件由 Tuyo 全权决定，并可能因用户、交易和时间而异。”</p>
<p>阅读更多：代币化即将来到华尔街，摩根大通在使国债像加密货币一样流动方面又迈出了一步</p>
<p>条款还指出，用户不应依赖先买后付或许功能进行交易，但批评者并不相信每个人都会遵循细则。盐湖城的财富顾问和 Crewe Advisors 合伙人 Dan Sudit 表示，他已经看到用户讨论他们因 Tuyo 而改变消费习惯。他提到一位已删除的 Reddit (RDDT) 用户，称他们的男朋友在亚马逊 (AMZN) 上 “购买同一产品 10 次，希望其中一个是免费的，因此他退回九个，得到一个免费的。”</p>
<p>“你可以想象公司会迅速将这些消费者列入黑名单，以防他们试图参与这种行为，” Sudit 说。</p>
<p>超越其先买后付或许功能，Tuyo 对稳定币的依赖也带来了自身的风险。虽然 2025 年签署的联邦法律要求稳定币必须由安全、流动的资产支持，但它们仍然面临 “脱钩” 的风险，或低于其挂钩价值（就像 USDC 在 2023 年硅谷银行崩溃后所做的那样）。</p>
<p>来自档案（2025 年 7 月）：稳定币法案来了——这并不意味着你的美元支持的加密货币是 100% 安全的</p>
<p>国家消费者法律中心的高级律师 Carla Sanchez-Adams 指出，Tuyo 在特朗普政府下首次亮相的意义。自从重新上任以来，唐纳德·特朗普总统签署了一项行政命令，允许在 401(k) 计划中进行加密投资，并推动将加密视为抵押贷款承保中的一种资产。</p>
<p>‘在我们的社会中正常化上瘾行为’</p>
<p>在许多人无法实现购房梦想、学生贷款债务高达 1.83 万亿美元的经济中，消费者对内置风险的产品更加脆弱，Rust 说。</p>
<p>这就是 “金融虚无主义，” 他说。“人们认为赔率对他们不利，因此他们冒不必要的风险。”</p>
<p>这些不必要的风险在年轻人中变得越来越普遍，Sudit 说。体育博彩和预测市场已成为水冷器旁的谈话话题，像 Tuyo 这样的产品的加入就像是在 “干燥的灌木丛上洒上汽油。”</p>
<p>虽然金融科技公司将这些平台宣传为尖端，但 Sudit 认为这种炒作分散了人们对潜在危险的注意。</p>
<p>“我认为我们在互联网泡沫时代看到的非理性繁荣……只是掩盖了在我看来是我们社会中一种上瘾行为正常化的表象，” 他说。</p>
<p>接下来阅读：MrBeast 的儿童理财应用得到了面临监管审查的银行和一家金融科技合作伙伴的支持。</p>
<p>加入 MarketWatch，参加与 Haley Sacks（即 Mrs. Dow Jones）的现场对话和问答，了解金钱压力如何在你的生活中显现以及该如何应对。</p>
<p>-Genna Contino</p>
<p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
<p>（完）道琼斯新闻通讯</p>
<p>05-19-26 1505ET</p>

GBTC

COIN

<p>Tuyo 的新款 “先买后付也许” 加密卡随机为用户的消费进行报销，这引发了对其类似赌博特征的担忧。批评者认为它针对的是高风险的财务行为，可能会改变消费习惯。尽管它的功能类似于借记卡，但报销的隐性概率可能会鼓励不必要的消费。消费者倡导者警告称，这种模式将赌博元素引入日常消费中，且没有保证的支付。尽管有监管措施，Tuyo 对稳定币的依赖也带来了风险</p>

<p>By Genna Contino</p>
<div class="lb-trans"><p>作者：Genna Contino</p>
</div><p>Critics say new payment model shows gambling culture has hijacked everyday spending</p>
<div class="lb-trans"><p>批评者表示，新支付模式显示赌博文化已经劫持了日常消费</p>
</div><p>The new crypto card Tuyo functions like a prepaid debit card, but it reimburses users' payments at random.</p>
<div class="lb-trans"><p>新的加密卡 Tuyo 像一张预付借记卡，但它会随机报销用户的支付。</p>
</div><p>Financial products have been increasingly adding gamelike features that create competition or instant gratification to keep users hooked - and the latest example is a prepaid debit card with a &#34;buy-now-pay-maybe&#34; feature.</p>
<div class="lb-trans"><p>金融产品越来越多地添加游戏化特征，以创造竞争或即时满足感，让用户保持沉迷——最新的例子是一张具有 “先买后付或许” 的预付借记卡。</p>
</div><p>While the better-known buy-now-pay-later products allow consumers to make purchases in installments, fintech company Tuyo's cryptocurrency card pays users back for certain purchases. Built around stablecoins - digital currencies tied to another asset, typically the U.S. dollar - users of the card are rolling the dice on whether their balance gets charged every time they tap the card at checkout.</p>
<div class="lb-trans"><p>虽然更知名的先买后付产品允许消费者分期付款，但金融科技公司 Tuyo 的加密货币卡则会为某些购买支付用户的报销。该卡围绕稳定币构建——与另一种资产（通常是美元）挂钩的数字货币——用户在结账时每次刷卡都在赌他们的余额是否会被扣除。</p>
</div><p>The card is the latest example of the ubiquitous gamification of how Americans spend and invest their money. More than a quarter of Americans say they have active accounts on online sportsbooks where they can make intricate parlay bets on a game's outcome. Meanwhile, prediction markets like Kalshi and Polymarket let people bet beyond sports - to just about anything. The popular brokerage site Robinhood (HOOD) has hosted giveaways in which deposits count as entries. Step, a banking app for teens and young adults, has a feature that lets users earn up to $200 a month for playing games and answering surveys.</p>
<div class="lb-trans"><p>这张卡是美国人消费和投资方式普遍游戏化的最新例子。超过四分之一的美国人表示，他们在在线体育博彩网站上有活跃账户，可以对比赛结果进行复杂的串联投注。同时，像 Kalshi 和 Polymarket 这样的预测市场让人们可以在体育之外进行投注——几乎可以投注任何事情。流行的经纪网站 Robinhood (HOOD) 举办过存款计入抽奖的活动。Step 是一款面向青少年和年轻人的银行应用，具有让用户通过玩游戏和回答调查赚取每月最高 200 美元的功能。</p>
</div><p>Consumer advocates argue Tuyo's buy-now-pay-maybe model targets people who already engage in risky financial behaviors, such as sports betting. While a user can't spend beyond the amount loaded on the card, critics say receiving a notification that they've been reimbursed immediately after a purchase can mimic the feeling of gambling and alter spending behavior. The buy-now-pay-maybe feature is also expected to draw more consumers into the world of stablecoins, experts say, after the Consumer Financial Protection Bureau was sharply downsized by the crypto-friendly Trump administration.</p>
<div class="lb-trans"><p>消费者倡导者认为，Tuyo 的先买后付或许模式针对的是那些已经参与高风险金融行为的人，例如体育博彩。虽然用户不能超出卡上加载的金额进行消费，但批评者表示，在购买后立即收到报销通知可能会模仿赌博的感觉并改变消费行为。专家表示，先买后付或许功能也预计会吸引更多消费者进入稳定币的世界，此前消费者金融保护局在亲加密的特朗普政府下大幅缩减。</p>
</div><p>Read more: $668,603,360,342 - that's how much people have legally bet on sports since the Supreme Court's 2018 ruling</p>
<div class="lb-trans"><p>阅读更多：$668,603,360,342——自 2018 年最高法院裁决以来，人们合法投注体育的金额。</p>
</div><p>&#34;It introduces the casino to the checkout line,&#34; said Adam Rust, the Consumer Federation of America's director of financial services. &#34;Gamifying spending is just one more place where fintech innovation is adding risk rather than helping people towards financial health.&#34;</p>
<div class="lb-trans"><p>“它把赌场引入了结账线，” 美国消费者联盟金融服务主任 Adam Rust 说。“游戏化消费只是金融科技创新增加风险而不是帮助人们实现财务健康的又一个地方。”</p>
</div><p>Tuyo did not respond to MarketWatch's request for comment. The company's CEO and co-founder, Jorge Izquierdo, has responded to critics on X by saying &#34;this is not gambling&#34; and &#34;there's no debt. You can only spend what you have.&#34;</p>
<div class="lb-trans"><p>Tuyo 没有回应 MarketWatch 的评论请求。该公司的首席执行官兼联合创始人 Jorge Izquierdo 在 X 上回应批评者称 “这不是赌博” 和 “没有债务。你只能花你拥有的。”</p>
</div><p>Why buy-now-pay-maybe is raising alarm bells</p>
<div class="lb-trans"><p>为什么先买后付或许引发警报</p>
</div><p>Izquierdo is correct that the card functions more like a debit card than a credit card. It won't let you spend more than you've pre-loaded. However, consumer advocates argue the card could encourage people to make purchases they otherwise would have skipped because there's a chance it could be free - but the precise odds of reimbursement are hidden behind a black box.</p>
<div class="lb-trans"><p>Izquierdo 说得对，这张卡的功能更像是一张借记卡而不是信用卡。它不会让你花超过你预加载的金额。然而，消费者倡导者认为，这张卡可能会鼓励人们进行他们本来会跳过的购买，因为有可能是免费的——但报销的确切几率隐藏在一个黑箱中。</p>
</div><p>It may feel like the house always wins when you're gambling in Las Vegas, but slot machines are at least required by law to pay out a portion of all money wagered over time. With Tuyo, no payouts are guaranteed. Its terms of service say the &#34;conditions under which BNPM may apply are determined by Tuyo in its sole and absolute discretion and may vary from user to user, transaction to transaction, and over time.&#34;</p>
<div class="lb-trans"><p>在拉斯维加斯赌博时，可能会觉得赌场总是赢，但老虎机至少根据法律要求在一段时间内支付所有下注金额的一部分。对于 Tuyo，支付没有任何保证。其服务条款表示，“BNPM 可能适用的条件由 Tuyo 全权决定，并可能因用户、交易和时间而异。”</p>
</div><p>Read more: Tokenization is coming to Wall Street as J.P. Morgan takes another step toward making Treasurys move like crypto</p>
<div class="lb-trans"><p>阅读更多：代币化即将来到华尔街，摩根大通在使国债像加密货币一样流动方面又迈出了一步</p>
</div><p>The terms also note that users should not make a transaction relying on the buy-now-pay-maybe feature, but critics aren't convinced everyone will follow the fine print. Dan Sudit, a Salt Lake City-based wealth adviser and partner of Crewe Advisors, said he's already seen users discuss how they've changed their spending habits because of Tuyo. He pointed to a since-deleted Reddit (RDDT) user, who said their boyfriend is &#34;buying the same product 10 times on Amazon (AMZN) hoping one of them is free, so nine of them, he returns, and one of them, he gets for free.&#34;</p>
<div class="lb-trans"><p>条款还指出，用户不应依赖先买后付或许功能进行交易，但批评者并不相信每个人都会遵循细则。盐湖城的财富顾问和 Crewe Advisors 合伙人 Dan Sudit 表示，他已经看到用户讨论他们因 Tuyo 而改变消费习惯。他提到一位已删除的 Reddit (RDDT) 用户，称他们的男朋友在亚马逊 (AMZN) 上 “购买同一产品 10 次，希望其中一个是免费的，因此他退回九个，得到一个免费的。”</p>
</div><p>&#34;You can imagine how companies are going to quickly blacklist, for lack of a better phrase, those sorts of consumers for trying to engage in that behavior,&#34; Sudit said.</p>
<div class="lb-trans"><p>“你可以想象公司会迅速将这些消费者列入黑名单，以防他们试图参与这种行为，” Sudit 说。</p>
</div><p>Looking beyond its buy-now-pay-maybe feature, Tuyo's reliance on stablecoin presents its own risk. While a federal law signed in 2025 requires stablecoins to be backed by safe, liquid assets, there's still the risk of them &#34;depegging,&#34; or falling below their linked value (like USDC did after the 2023 collapse of Silicon Valley Bank).</p>
<div class="lb-trans"><p>超越其先买后付或许功能，Tuyo 对稳定币的依赖也带来了自身的风险。虽然 2025 年签署的联邦法律要求稳定币必须由安全、流动的资产支持，但它们仍然面临 “脱钩” 的风险，或低于其挂钩价值（就像 USDC 在 2023 年硅谷银行崩溃后所做的那样）。</p>
</div><p>From the archives (July 2025): The stablecoin law is here - It doesn't mean your dollar-backed crypto is 100% safe</p>
<div class="lb-trans"><p>来自档案（2025 年 7 月）：稳定币法案来了——这并不意味着你的美元支持的加密货币是 100% 安全的</p>
</div><p>Carla Sanchez-Adams, a senior attorney at the National Consumer Law Center, noted the significance of Tuyo's debut under the Trump administration. Since returning to office, President Donald Trump has signed an executive order allowing for crypto investments in 401(k) plans and pushed for crypto to be considered an asset in mortgage underwriting.</p>
<div class="lb-trans"><p>国家消费者法律中心的高级律师 Carla Sanchez-Adams 指出，Tuyo 在特朗普政府下首次亮相的意义。自从重新上任以来，唐纳德·特朗普总统签署了一项行政命令，允许在 401(k) 计划中进行加密投资，并推动将加密视为抵押贷款承保中的一种资产。</p>
</div><p>'Normalizing addictive behavior in our society'</p>
<div class="lb-trans"><p>‘在我们的社会中正常化上瘾行为’</p>
</div><p>In an economy where the dream of homeownership is out of reach for many and student-loan debt has mounted to a whopping $1.83 trillion, consumers are more vulnerable to products with built-in risk, Rust said.</p>
<div class="lb-trans"><p>在许多人无法实现购房梦想、学生贷款债务高达 1.83 万亿美元的经济中，消费者对内置风险的产品更加脆弱，Rust 说。</p>
</div><p>It's &#34;financial nihilism,&#34; he said. &#34;People think that the odds are stacked against them, so they take unnecessary risks.&#34;</p>
<div class="lb-trans"><p>这就是 “金融虚无主义，” 他说。“人们认为赔率对他们不利，因此他们冒不必要的风险。”</p>
</div><p>These unnecessary risks are becoming increasingly normalized, Sudit said, particularly among young adults. Sports-betting and prediction markets have become water-cooler conversation topics, and adding a product like Tuyo into the mix is like taking a &#34;field of dry brush and putting gasoline all over it.&#34;</p>
<div class="lb-trans"><p>这些不必要的风险在年轻人中变得越来越普遍，Sudit 说。体育博彩和预测市场已成为水冷器旁的谈话话题，像 Tuyo 这样的产品的加入就像是在 “干燥的灌木丛上洒上汽油。”</p>
</div><p>While fintech companies pitch these platforms as cutting-edge, Sudit argues the hype is a distraction from the underlying danger.</p>
<div class="lb-trans"><p>虽然金融科技公司将这些平台宣传为尖端，但 Sudit 认为这种炒作分散了人们对潜在危险的注意。</p>
</div><p>&#34;I think that irrational exuberance that we saw in the dot com era ... is just window dressing to cloak what, to me, is normalizing an addictive behavior in our society,&#34; he said.</p>
<div class="lb-trans"><p>“我认为我们在互联网泡沫时代看到的非理性繁荣……只是掩盖了在我看来是我们社会中一种上瘾行为正常化的表象，” 他说。</p>
</div><p>Read next: MrBeast's finance app for kids is backed by a bank that's faced regulatory scrutiny and a fintech partner's failure</p>
<div class="lb-trans"><p>接下来阅读：MrBeast 的儿童理财应用得到了面临监管审查的银行和一家金融科技合作伙伴的支持。</p>
</div><p>Join MarketWatch for a live talk and Q&amp;A with Haley Sacks, aka Mrs. Dow Jones, on how money stress shows up in your life and what to do about it.</p>
<div class="lb-trans"><p>加入 MarketWatch，参加与 Haley Sacks（即 Mrs. Dow Jones）的现场对话和问答，了解金钱压力如何在你的生活中显现以及该如何应对。</p>
</div><p>-Genna Contino</p>
<div class="lb-trans"><p>-Genna Contino</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创建，MarketWatch 由道琼斯公司运营。MarketWatch 独立于道琼斯新闻通讯和《华尔街日报》发布。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>05-19-26 1505ET</p>
<div class="lb-trans"><p>05-19-26 1505ET</p>
</div>

This new 'buy-now-pay-maybe' crypto card may refund some of your purchases - but at what cost?

- Tuyo 推出的预付借记卡在使用时随机返还付款，招致批评。  
- 消费者权益倡导者认为，该模式诱导用户采取风险较大的消费行为。  
- 此卡的稳定币依赖可能存在价值波动风险，引发关注。

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JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

JPMORGAN CHASE & CO. 4.625% DEP SH RE 1/400TH INT NO CU PF LL

JPMorgan Chase & Co.

JPMORGAN CHASE & CO. 4.55% DEP SHS REPSTG 1/400TH PFD SER JJ

JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

这种新的 “先买后可能支付” 的加密货币卡可能会退还您部分购买费用——但这需要付出什么代价？