布萊恩·阿姆斯特朗（Brian Armstrong）談到了對興趣息息的需求

具體來說，他說Stablecoins應該能夠向消費者支付利息，而銀行和加密公司也應該能夠做同樣的事情。

Coinbase CEO Brian Armstrong spoke out this week on the need for interest-bearing stablecoins ahead of the House Financial Services Committee's Wednesday markup of its version of stablecoin legislation.

Coinbase首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）本週發表了關於眾議院金融服務委員會周三對stablecoin立法的標記之前的興趣穩定的。

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Specifically, he said stablecoins should be able to pay interest to consumers, and that banks and crypto companies should be able to do the same.

具體來說，他說Stablecoins應該能夠向消費者支付利息，而銀行和加密公司也應該能夠做同樣的事情。

"We're supportive of the draft bill that's going through the Senate as it's written but there is a part of it that does concern me a bit, which is this idea that consumers cannot get interest on stablecoins," he said on CNBC's "Money Movers" Tuesday. "Many Americans, they're only earning about 0.14% in their savings account, but in Treasurys, you can earn 4.5% right now. That seems unfair to me … we'd like to see legislation that allows that."

他在周二的CNBC的“ Money Movers”上說：“我們支持參議院所寫的法案草案，但其中有一部分確實對我有些關注，這就是消費者無法對Stablecoins感興趣的想法。” “許多美國人，他們的儲蓄賬戶只能收入約0.14％，但是在庫庫中，您現在可以賺取4.5％的賺錢。這對我來說似乎不公平……我們希望看到允許這一目標的立法。”

The House STABLE (Stablecoin Transparency and Accountability for a Better Ledger Economy) Act specifies that permitted issuers "may not pay interest or yield to holders" of the stablecoin. Similarly, the Senate's GENIUS (Guiding and Establishing National Innovation for U.S. Stablecoins) Act's definition of a "payment stablecoin" specifies that it "does not offer a payment of yield or interest." The latter bill was passed in the Senate in March.

眾議院馬stable（對更好的分類帳經濟的Stablecoin透明度和問責制）規定，允許發行人“不得向Stablecoin的持有人支付利息或收益”。同樣，參議院的天才（指導和建立了為美國Stablecoins的國家創新）法案對“付款Stablecoin”的定義指定“不提供收益或利息的支付”。後一個法案於3月在參議院通過。

Armstrong's comments follow a lengthy post on his X account that goes into more detail about his view.

阿姆斯特朗（Armstrong）的評論遵循其X帳戶上的漫長帖子，該帖子更詳細地介紹了他的觀點。

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"Unlike interest-bearing checking and savings accounts, stablecoins do not currently benefit from the same exemptions under the securities laws that allow issuers to pay interest to users," he wrote. "Stablecoins should be able to pay interest just like an ordinary savings account, without the onerous disclosure requirements and tax implications imposed by securities laws."

他寫道：“與支票和儲蓄賬戶不同，Stablecoins目前並不從證券法律的相同豁免中受益，允許發行人向用戶支付利息。” “ Stablecoins應該能夠像普通的儲蓄帳戶一樣支付利息，而沒有證券法對繁重的披露要求和稅收影響。”

Who holds the profits?

誰持有利潤？

Stablecoins like Tether (USDT) or USD Coin (USDC) are backed 1-to-1 by the U.S. dollar and their issuers typically hold reserve assets in cash and short-term Treasury securities. Historically these types of assets have acted as a bridge for traders between traditional financial rails and crypto systems, and crypto investors watch them closely for evidence of demand, liquidity and activity in the market.

Tether（USDT）或USD Coin（USDC）之類的Stablecoins由美元支持1-1，他們的發行人通常以現金和短期財政證券持有儲備金。從歷史上看，這些類型的資產一直是傳統金融軌道和加密系統之間的貿易商的橋樑，加密貨幣投資者密切關注它們，以證明市場上需求，流動性和活動。

In recent years, stablecoins have also become popular for their ability to pay users interest for simply holding them – however, that interest payment is typically an incentive offered by exchanges like Coinbase or Kraken or wallet operators rather than the stablecoin issuer itself.

近年來，Stablecoins也因其僅僅持有持有的用戶利息而向用戶支付利息的能力也很受歡迎 - 但是，這種利息支付通常是由Coinbase，Kraken，Kraken或Wallet Operators，而不是Stablecoin發行人本身提供的交易所提供的激勵措施。

Coinbase has an agreement with the stablecoin issuer Circle – the company behind USDC, which filed Tuesday evening for an initial public offering with the SEC – to share 50% of the revenue of USDC. A section of the company's prospectus elaborated on the legal status of USDC.

Coinbase與Stablecoin發行人圈（USDC背後的公司）達成了一項協議，該公司於週二晚上提交了向SEC的首次公開募股，以分享USDC收入的50％。公司招股說明書的一部分詳細闡述了USDC的法律地位。

"Absent federal regulations, there is a possibility that Circle stablecoins may be classified as ‘securities’ or ‘derivatives’ by the relevant regulatory bodies, or that they may be subject to state banking or trust company regulations," the filing said.

該文件說：“缺乏聯邦法規，有可能由相關監管機構歸類為“證券”或'衍生工具'，或者它們可能受國家銀行業務或信託公司法規的約束。”

The Securities and Exchange Commission typically views assets as securities if they constitute an investment of money with the expectation of profit from others' efforts. Security status often implies being subject to greater regulatory scrutiny and compliance obligations that are very expensive for companies.

證券交易委員會通常將資產視為證券，如果它們構成了貨幣投資，並希望從他人的努力中獲得利潤。安全狀況通常意味著要受到更大的監管審查和合規義務，這對公司來說非常昂貴。

Ben Kurland, CEO at crypto research platform DYOR, said allowing issuers to pay users interest would also mark a big shift in who holds profits in crypto.

Crypto Research Platform Dyor的首席執行官Ben Kurland表示，允許發行人向用戶支付利息也將標誌著誰在加密貨幣中持有利潤的轉變。

"Right now, exchanges and platforms capture the yield from stablecoins by investing user deposits and keeping most of the return," he said. "If stablecoin issuers start paying interest directly to users, it flips that model: users benefit more, middlemen get squeezed, and stablecoins become a lot more attractive to hold."

他說：“目前，交流和平台通過投資用戶存款並保留大部分回報來捕獲Stablecoins的收益。” “如果Stablecoin發行人開始直接向用戶支付利息，它會翻轉模型：用戶受益更多，中間人會被擠壓，而Stablecoins變得更具吸引力。”

'Growing exponentially'

“成倍增長”

Traditional, non-yield-bearing, dollar-backed stablecoins have grown their market cap by more than 46% in the past year, according to CryptoQuant. But yield-bearing stablecoins like Ethena's USDe or Ondo Finance's USDY are the fastest-growing cohort within the stablecoin universe, according to JPMorgan.

據CryptoQuant稱，在過去的一年中，傳統的，非收益的美元支持的Stablecoins的市值增長了46％以上。但是，根據摩根大通（JPMorgan）的說法，但是像Ethena的USDE或Ondo Finance的Usdy這樣的承受屈服的穩定劑是Stablecoin宇宙中增長最快的隊列。

"This universe of yield-bearing stablecoins has been growing exponentially post the U.S. election, with the market cap of the five biggest surpassing $13 billion, or 6% of the total stablecoin universe," JPMorgan's Nikolaos Panigirtzoglou said in a note last Wednesday.

摩托馬爾甘（JPMorgan）的Nikolaos PanigirtZoglou在上週三的一份說法中說：“在美國大選之後，這種承重的穩定穩定的宇宙一直在成倍增長，其市值超過了130億美元，佔Stablecoin宇宙的6％。”

Over time, yield-bearing stablecoins could replace most of the "idle cash" sitting in traditional stablecoins, he added, saying the 6% share it currently has of the total stablecoin market cap will

隨著時間的流逝，他補充說，承擔屈服的穩定幣可以取代大多數位於傳統stablecoins中的“閒置現金”