布萊恩·阿姆斯特朗（Brian Armstrong）呼籲更改擬議的穩定法律

Coinbase首席執行官Brian Armstrong呼籲更改擬議的Stablecoin法律，該法律將允許持有人直接從其數字資產中賺取利息，類似於傳統的銀行帳戶。

Coinbase CEO Brian Armstrong is calling for changes to proposed legislation on stablecoins to enable interest to be paid directly to holders of the digital assets, similar to traditional bank accounts.

Coinbase首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）呼籲更改擬議的穩定法規，以使利息直接向數字資產的持有人支付，類似於傳統的銀行帳戶。

In a March 31 post on X, formerly Twitter, Armstrong argued that this approach would be “consistent with a free market approach” and that stablecoin issuers should be “allowed to, and incentivized to, share interest with consumers.”

阿姆斯特朗（Armstrong）在3月31日的X上發表的文章中，認為這種方法“與自由市場方法一致”，並且應“允許並激勵與消費者分享利益”。

Currently, two competing pieces of federal stablecoin legislation are working through the U.S. legislative process. These are the STABLE Act, which stands for Stablecoin Transparency, Accountability, and Better Ledger Economy, and the Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS Act.

目前，兩項相互競爭的聯邦Stablecoin立法正在通過美國立法程序進行。這些是穩定的法案，它代表了穩定的透明度，問責制和更好的賬本經濟，以及為美國Stablecoins或Genius Act的指導和建立國家創新。

Neither bill currently allows for interest-bearing stablecoins. The STABLE Act includes language that explicitly prohibits “payment stablecoin” issuers from paying yield to holders.

目前，兩項賬單都沒有允許使用利息的穩定股。穩定的法案包括明確禁止“付款Stablecoin”發行人向持有人支付收益的語言。

Similarly, the GENIUS Act, which recently passed the Senate Banking Committee with an 18-6 vote, has been amended to exclude interest-bearing instruments from its definition of a “payment stablecoin.”

同樣，《天才法》（Genius Act）最近以18票對6票通過了參議院銀行委員會，已修改，以將帶有利息的工具排除在其“付款Stablecoin”的定義之外。

According to Armstrong, this addition lessens the chances of the bill advancing in the House, as it would require a new vote in the Senate to amend the bill further.

根據阿姆斯特朗的說法，這一補充減少了眾議院法案前進的機會，因為這需要在參議院進行新的投票才能進一步修改該法案。

“The good news is that we still have time to get this right,” Armstrong stated.

阿姆斯特朗說：“好消息是，我們仍然有時間做到這一點。”

Highlighting the potential benefits, Armstrong pointed out that while stablecoins have found a market fit by “digitizing the dollar and other fiat currencies,” adding onchain interest would allow “the average person, and the U.S. economy, to reap the full benefits.”

阿姆斯特朗（Armstrong）強調了潛在的收益，但雖然Stablecoins通過“數字化美元和其他法定貨幣”發現了一個適合市場的市場，但補充說，OnChain權益將使“普通人和美國經濟獲得全部利益”。

According to Armstrong, if legislative changes allowed stablecoin issuers to pay interest to holders, U.S. consumers could earn a yield of around 4% on their holdings.

根據阿姆斯特朗的說法，如果立法變更允許Stablecoin發行人向持有人支付利息，那麼美國消費者的持股量約為4％。

This rate stands in stark contrast to the 2024 average interest yield on consumer savings accounts, which Armstrong cited as 0.41%. With inflation nearing 3%, many Americans are actually losing purchasing power with traditional savings accounts.

該利率與2024年的消費者儲蓄賬戶的平均利息收益率形成鮮明對比，消費者儲蓄賬戶為0.41％。隨著通貨膨脹率接近3％，許多美國人實際上正在使用傳統儲蓄帳戶失去購買力。

Stablecoin issuers already hold U.S. dollar reserves in low-risk investments such as short-term U.S. Treasuries. But unlike banks, they typically retain the interest earned rather than distributing it to stablecoin holders.

Stablecoin發行人已經持有低風險投資（例如美國國債）的美元儲備。但是與銀行不同，他們通常保留所獲得的利息，而不是將其分發給穩定持有人。

Armstrong defines onchain interest as “the ability of a stablecoin to function as a form of payment and directly deliver interest earned on reserve assets to the stablecoin holder, effectively an interest-bearing checking account.”

阿姆斯特朗將OnChain權益定義為“穩定幣作為付款形式的能力，並直接向儲備金中獲得的利息向Stablecoin持有人提供了利息，實際上是一個帶有利息的支票帳戶。”

The Coinbase CEO argues that onchain interest could benefit the broader U.S. economy by incentivizing global use of U.S. dollar stablecoins. This could extend “dollar dominance in an increasingly digital global economy,” according to Armstrong.

Coinbase首席執行官認為，OnChain的利益可以通過激勵全球使用美元穩定的穩定性來使美國更廣泛的經濟受益。阿姆斯特朗說，這可能會擴大“在日益數字化的全球經濟中的統治力”。

He also suggested that the potential for higher yields than traditional savings accounts would result in “more yield in consumers’ hands means more spending, saving, investing — fueling economic growth in all local economies where stablecoins are held.”

他還建議，比傳統儲蓄賬戶更高的收益率的潛力將導致“消費者手中的收益更多意味著更多的支出，儲蓄，投資 - 助長了持有穩定的所有地方經濟體的經濟增長。”

Without onchain interest, Armstrong warned that “the U.S. misses out on billions more USD users and trillions in potential cash flows.”

沒有Onchain的興趣，阿姆斯特朗警告說：“美國錯過了數十億美元的使用者和數万億美元的潛在現金流量。”

This push for interest-bearing stablecoins has also been supported by Bitwise Chief Investment Officer Matt Hougan, who expressed agreement with Armstrong's point of view.

Bitwise首席投資官Matt Hougan也支持了承擔興趣的穩定股的這種推動，他與阿姆斯特朗的觀點表示了同意。

Responding to arguments that suggested stablecoin issuers offering interest could affect bank deposits and their ability to offer mortgages, Hougan stated that "free markets will develop a new way for customers to get loans to buy houses."

在回應提出利息的Stablecoin發行人可能會影響銀行存款及其提供抵押能力的論點時，Hougan表示：“自由市場將為客戶獲得貸款購買房屋的新方式。”

This would align with the broader economic shifts unfolding as a result of technological advancements, according to Hougarti. In his words, "every generation has to solve the same problems with the tools and technologies available to them."

據Hougarti稱，這將與技術進步的更廣泛的經濟轉變相吻合。用他的話說：“每一代人都必須通過可用的工具和技術解決相同的問題。”

Framing the issue as one of fairness, Armstrong concluded his post by stating, "Consumers deserve a bigger piece of the pie. Opening the door for onchain interest will force us all to up our game for the ultimate benefit of consumers, and will keep this innovation onshore."

阿姆斯特朗將這個問題作為公平性的問題之一，總結了他的帖子，並說：“消費者應該得到更大的餡餅。為Onchain的興趣打開了大門，將迫使我們所有人為消費者的最終利益增強遊戲，並將在岸上保持這一創新。”

Some regulatory experts have pointed out that yield-bearing stablecoins might be subject to more complex regulation due to similarities with securities. This is likely why the current legislation has avoided including provisions for interest-bearing features.

一些監管專家指出，由於與證券的相似之處，承擔屈服的穩定劑可能受到更複雜的監管。這可能就是為什麼當前的立法避免了包括利息特徵的規定。

As reported by Blockworks, Representative Bryan Steil, a key figure in crafting the STABLE Act, commented on the varying versions of the bill.

正如Blockworks報導的那樣，制定穩定法案的關鍵人物Bryan Steil代表對該法案的不同版本發表了評論。

During a recent episode of the Crypto in America podcast, hosted by Eleanor Terrett, Steil mentioned that the two pieces of legislation are converging following feedback from various stakeholders.

在埃莉諾·特雷特（Eleanor Terrett）主持的美國加密貨幣播客的最新一集中，斯蒂爾（Steil）提到，這兩項立法在來自各種利益相關者的反饋後正在匯聚。

"At the end of the day, I think there’s recognition that we want to work with our Senate colleagues to get this across the line," Steil remarked about the path forward for stablecoin legislation.

史蒂爾（Steil）指出，歸根結底，我認為我們想與參議院同事合作，以使這一行程成為現實。 ”