Coinbase首席執行官Brian Armstrong呼籲立法者支持Stablecoin立法

Coinbase首席執行官Brian Armstrong呼籲立法者支持Stablecoin立法，該立法使消費者可以直接從其數字美元持股中賺取利息

Coinbase CEO Brian Armstrong has urged lawmakers to support stablecoin legislation that allows consumers to earn interest directly from their digital dollar holdings, presenting it as a "win-win" scenario.

Coinbase首席執行官Brian Armstrong敦促立法者支持Stablecoin立法，該立法使消費者可以直接從其數字美元持股中賺取利息，並將其視為“雙贏”場景。

In a detailed post published on March 31, Armstrong argued that the next phase of stablecoin innovation must include "onchain interest." This would involve a mechanism for distributing a share of the yield generated by underlying reserve assets, such as short-term US Treasuries, to the holders of fiat-backed stablecoins.

阿姆斯特朗在3月31日發表的詳細帖子中辯稱，下一階段Stablecoin創新必須包括“ OnChain Isport”。這將涉及將基本儲備資產（例如美國短期美國國債）產生的收益份額的機制，向菲亞支持的穩定者的持有者分配給菲亞特支持的穩定者的持有人。

While banks have long been granted regulatory exemptions to offer interest-bearing accounts, stablecoin issuers currently face legal uncertainty. They cannot share interest with users without potentially triggering securities laws or engaging in activities that may be classified as "investment banking."

儘管長期以來一直將銀行獲得監管豁免以提供利息帳戶，但Stablecoin發行人目前面臨法律不確定性。如果沒有潛在觸發證券法或從事可能被歸類為“投資銀行業務”的活動，他們就無法與用戶分享利息。

According to Armstrong:

根據阿姆斯特朗的說法：

“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.”

“消費者應該得到更大的餡餅。為OnChain興趣打開大門，將迫使我們所有人為消費者的最終利益增強遊戲，並將這項創新保持在岸上。”

Fairer financial future

更公平的財務未來

Stablecoins have already achieved significant adoption as a digital representation of fiat currencies, but Armstrong maintained that they haven't yet unlocked their full potential for everyday users.

Stablecoins已經作為法定貨幣的數字代表已經實現了大量採用，但阿姆斯特朗堅持認為，他們尚未為日常用戶解開其全部潛力。

He pointed out that while the average Federal Funds rate in 2024 was 4.75%, most consumers were earning less than 0.5%—and in many cases as little as 0.01%—on their savings accounts. With inflation running at nearly 3%, this resulted in a real loss of purchasing power for ordinary Americans.

他指出，儘管2024年的平均聯邦資金利率為4.75％，但大多數消費者的收入低於0.5％，在許多情況下，其儲蓄賬戶的收入不足，而在許多情況下，其收入不足。隨著通貨膨脹率近3％，這導致了普通美國人的購買力真正損失。

As Armstrong noted:

正如阿姆斯特朗指出的那樣：

“Onchain interest democratizes access to market-rate yields, giving regular people a fair shot at maintaining and growing their wealth.”

“ Onchain興趣使獲得市場利率的收益率民主化，使普通人在維持和增加財富方面有了公平的態度。”

He further highlighted the potential of stablecoins to transform financial access on a global scale. Billions of people in underbanked regions around the world lack complete access to the US dollar or are forced to use local currencies subject to rapid depreciation and instability.

他進一步強調了Stablecoins在全球範圍內改變財務通道的潛力。世界各地的數十億人缺乏全額銷售美元，或者被迫使用遭受快速折舊和不穩定的當地貨幣。

By enabling interest-bearing stablecoins, the US could rapidly onboard a new wave of global users into an instant, transparent, and accessible financial system that only requires an internet connection.

通過啟用興趣的穩定股，美國可以快速登上新的全球用戶浪潮，成為只需Internet連接的即時，透明且可訪問的金融系統。

As Armstrong added:

正如阿姆斯特朗（Armstrong）添加的那樣：

“No branch visits, no excessive overdraft or remittance fees. It’s equal financial access for everyone, powered by crypto rails.”

“沒有分支機構訪問，沒有過多的透支或匯款費。這是每個人的平等財務通道，由加密貨幣驅動。”

Strategic advantage for the US economy

對美國經濟的戰略優勢

Armstrong went on to detail how permitting onchain interest for stablecoins also aligns with broader US economic policy goals.

阿姆斯特朗（Armstrong）繼續詳細介紹如何允許穩定股（Stablecoins）的鍊鍊利益與更廣泛的美國經濟政策目標保持一致。

Stablecoin issuers are already among the largest buyers of US Treasuries, exceeding the purchases made by many foreign governments, and they are helping to redirect more global capital demand toward dollar-denominated assets.

Stablecoin發行人已經是美國國庫中最大的買家之一，超過了許多外國政府的購買，他們正在幫助將更多的全球資本需求重定向到以美元計價的資產進行重定向。

If consumers around the world could earn interest on US stablecoins, the ensuing increase in adoption would in turn boost Treasury demand, strengthen the dollar's role in the global financial system, and stimulate economic activity through higher consumer spending and investment.

如果世界各地的消費者能夠對美國穩定幣賺取利息，那麼隨之而來的採用率的增加將促進國庫的需求，增強美元在全球金融體系中的作用，並通過更高的消費者支出和投資來刺激經濟活動。

According to Armstrong:

根據阿姆斯特朗的說法：

“More yield in consumers’ hands means more spending, saving, investing—fueling economic growth in all local economies where stablecoins are held.”

“消費者手的收益率更多意味著更多的支出，儲蓄，投資 - 持有穩定的所有地方經濟體的經濟增長。”

However, Armstrong cautioned that without swift action from Congress to integrate onchain interest into new stablecoin legislation, the US could miss out on trillions of dollars in global financial flows over the coming decades.

但是，阿姆斯特朗警告說，如果不迅速採取行動將Onchain權益融入新的Stablecoin立法，美國可能會在未來幾十年中錯過數万億美元的全球金融流量。

He urged lawmakers to quickly add clear legal provisions to ensure that regulated issuers of fiat-backed stablecoins can distribute interest to users without triggering complex disclosure requirements or classifications that may subject issuers to an overlapping set of securities laws.

他敦促立法者迅速增加明確的法律規定，以確保受監管的菲亞特·斯平黴素的發行人可以將利息分配給用戶，而不會觸發複雜的披露要求或可能使發行人符合一系列證券法的分類。

As Armstrong concluded:

正如阿姆斯特朗得出的那樣：

“With a pro-crypto administration and Congress actively working on stablecoin regulation, we have a unique opportunity. We can either modernize the system to benefit consumers—or protect an outdated one that enriches middlemen.”

“借助專業的政府和國會積極從事Stablecoin監管，我們有一個獨特的機會。我們可以使該系統現代化以使消費者受益，或者保護一個豐富的中間人的過時的機構。”