Coinbase首席執行官Brian Armstrong呼籲制定穩定立法，以實現鏈接利益

Coinbase首席執行官Brian Armstrong呼籲立法者支持Stablecoin立法，這是對加密貨幣領域創新的熱情認罪，這將允許

Coinbase CEO Brian Armstrong penned an impassioned plea for lawmakers to support stablecoin legislation that would allow consumers to earn interest directly from their digital dollar holdings.

Coinbase首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）為立法者提供了一份激情的請求，以支持穩定立法，這將使消費者可以直接從其數字美元持股中賺取利息。

In a recent blog post titled "Stablecoins: The Next Chapter," Armstrong highlighted the "win-win" scenario of such legislation for both consumers and the broader U.S. economy. He proposed that the next phase of stablecoin development should include a mechanism for onchain interest, enabling holders of fiat-backed stablecoins to receive a share of the yield generated by underlying assets like short-term U.S. Treasuries.

阿姆斯特朗（Armstrong）在最近的博客文章“ Stablecoins：下一章”中，強調了消費者和更廣泛的美國經濟的“雙贏”情景。他提出，下一階段的穩定蛋白開發應包括一種機制的機制，使得由菲亞特支持的穩定的穩定者的持有人能夠獲得諸如美國短期美國國債等基本資產產生的收益率的份額。

"We can either modernize the system to benefit consumers — or protect an outdated one that enriches middlemen. Let’s get this done!" Armstrong wrote.

“我們可以使系統現代化以使消費者受益，也可以保護一個充實中間人的過時的系統。讓我們完成這項工作！”阿姆斯特朗寫道。

Stablecoins and the Future of Financial Innovation

Stablecoins和Financial Innovation的未來

According to Armstrong, stablecoins have already achieved significant adoption as digital representations of fiat currencies, but their full potential remains untapped. He pointed out that banks have long been able to offer interest-bearing accounts in accordance with established regulatory exemptions, permitting them to collect interest from underlying assets like short-term U.S. Treasuries and pass a portion of it to customers.

根據阿姆斯特朗的說法，穩定幣已經作為法定貨幣的數字表徵實現了大量採用，但它們的全部潛力仍未開發。他指出，長期以來，銀行能夠根據既定的監管豁免來提供帶有利息的帳戶，使他們能夠從短期美國國債等基本資產中收取利息，並將部分資產傳遞給客戶。

However, despite the large-scale buying of U.S. Treasury bills by stablecoin issuers—which has contributed to an urgent need for dollar liquidity in the global economy—stablecoin issuers face significant legal uncertainty in sharing interest with users without potentially running afoul of securities laws.

但是，儘管Stablecoin發行人大規模購買了美國國庫券，這促使全球經濟中的美元流動性迫切需要，但Stablecoin發行人在沒有證券法的情況下與用戶共享利息方面存在明顯的法律不確定性。

This regulatory challenge, according to Armstrong, presents an opportunity to innovate further in the space.

根據阿姆斯特朗的說法，這一監管挑戰為在該領域進一步創新的機會提供了機會。

“Consumers deserve a bigger piece of the pie. As we open the door for onchain interest, it 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。當我們為OnChain興趣打開了大門時，它將迫使我們所有人為消費者的最終利益增強遊戲，並將這一創新保持在岸上。”

A Fairer Financial Future for All

所有人的財務未來

One of Armstrong’s key points is that onchain interest could democratize access to market-rate yields, which would allow average consumers to earn a fairer return on their savings compared to traditional banking systems. He noted the disparity between the Federal Funds rate, which in 2024 was 4.75%, and the near-zero interest rates most consumers earn on their savings accounts—as low as 0.01%.

阿姆斯特朗的要點之一是，與傳統的銀行系統相比，Onchain的利息可以民主化獲得市場利率的收益率，這將使普通消費者能夠獲得更公平的儲蓄回報。他指出，聯邦資金利率在2024年為4.75％，而大多數消費者在其儲蓄賬戶中賺取的接近零利率，低至0.01％。

With inflation still lingering around 3%, Armstrong highlighted how this interest gap translates into a slow loss of purchasing power for everyday Americans. In contrast, onchain interest could help regular people maintain and grow their wealth by offering them better financial returns on their fiat-backed digital dollar holdings.

由於通貨膨脹率仍然持續約3％，阿姆斯特朗強調了這一興趣差距如何轉化為日常美國人購買力的緩慢損失。相比之下，Onchain的興趣可以通過為他們提供菲亞票支持的數字美元持有的更好的財務回報來幫助普通人維持和增加財富。

“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。”

Global Implications: Financial Inclusion and Global Access

全球影響：金融包容性和全球訪問

Beyond the U.S., Armstrong also touched upon the transformative impact stablecoins could have in underbanked regions across the globe. Billions of people in countries with unstable currencies are either excluded from accessing the U.S. dollar or are forced to use an unservable local currency.

除了美國以外，阿姆斯特朗還談到了穩定菌可能在全球範圍內的銀行不足地區產生的變革性影響。在不穩定貨幣的國家中，數十億人被排除在賺錢的地方，或者被迫使用不可服務的當地貨幣。

Stablecoins, however, offer a lifeline: a stable, dollar-backed asset that can be accessed with just an internet connection. According to Armstrong, by allowing interest-bearing stablecoins, the U.S. could onboard a new wave of global users into an instant, transparent, and accessible financial system.

但是，Stablecoins提供了一條生命線：穩定的美元支持資產，僅通過互聯網連接就可以訪問。根據阿姆斯特朗的說法，通過允許使用興趣的穩定幣，美國可以將新的全球用戶浪潮加入即時，透明且可訪問的金融系統。

This system, he noted, would eliminate the need for branch visits, excessive overdraft fees, and expensive remittance services, ultimately forging an open and equal financial future for all.

他指出，該系統將消除分支機構訪問，過度透支費和昂貴的匯款服務的需求，最終為所有人奠定了開放和平等的財務未來。

Strategic Advantage for the U.S. Economy

對美國經濟的戰略優勢

In his post, Armstrong highlighted that legislation enabling onchain interest would provide multiple benefits for the U.S. economy. He noted how stablecoin issuers are already among the largest buyers of U.S. Treasuries, surpassing many foreign governments in their contributions to this market. This factor has been instrumental in driving up the demand for dollar-denominated assets throughout the global economy.

阿姆斯特朗（Armstrong）在他的帖子中強調說，實現Onchain權益的立法將為美國經濟帶來多種利益。他指出，Stablecoin發行人如何已經成為美國國債最大的買家之一，超過了許多外國政府對該市場的貢獻。這個因素對增加全球經濟中對美元計價資產的需求有用。

With more consumers able to earn interest on stablecoins, Armstrong believes it would result in even greater Treasury demand, reinforcing dollar dominance on the world stage and stimulating economic activity through higher consumer spending and investment.

隨著越來越多的消費者能夠贏得穩定幣的利息，阿姆斯特朗認為這將導致更大的國庫需求，從而在世界舞台上加強了美元的統治地位，並通過更高的消費者支出和投資來刺激經濟活動。

“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 - 助長了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, the U.S. risks missing out on trillions of dollars in potential global financial flows and seeing this innovation take place in other countries. He noted that the pro-crypto administration and active Congressional involvement in stablecoin regulation create a unique opportunity to modernize the U.S. financial system for consumers.

但是，阿姆斯特朗警告說，如果沒有國會的迅速採取行動，美國就有可能在潛在的全球金融流量中錯過了數万億美元，並看到這種創新發生在其他國家。他指出，親克賴特托政府和積極的國會參與Stablecoin法規創造了一個獨特的機會，使消費者現代化了美國金融體系。

Urgent Call for Regulatory Action

緊急呼籲採取監管行動

Armstrong is urging Congress to take action and ensure that new stablecoin legislation provides clear legal frameworks that would allow regulated issuers to offer onchain interest without triggering complex disclosure requirements or securities classifications.

阿姆斯特朗（Armstrong）敦促國會採取行動，並確保新的Stablecoin立法提供明確的法律框架，以使受監管的發行人能夠在不觸發複雜的披露要求或證券分類的情況下提供OnChain權益。

He concluded by saying, “We can either modernize the system to benefit consumers — or protect an outdated one that enriches middlemen. Let’s get this done!”

他總結說：“我們可以使系統現代化以使消費者受益，或者保護一個充實中間人的過時的系統。讓我們完成這項工作！”

As stablecoins continue to gain

隨著穩定幣繼續獲得