Coinbase Coin Coin首席執行官Brian Armstrong為解鎖stablecoins的興趣提供了有力的理由

在周二發表的博客文章中，阿姆斯特朗提出了一個簡潔的論點，有利於直接流向Stablecoin持有人

Coinbase (NASDAQ:COIN) CEO Brian Armstrong is making a strong case for unlocking onchain interest for stablecoins, arguing that it offers a practical path to empowering consumers, expanding global financial access and reinforcing U.S. dollar dominance in the digital era.

Coinbase（NASDAQ：COIN）首席執行官布萊恩·阿姆斯特朗（Brian Armstrong）為解鎖stablecoins的鏈接興趣做出了有力的理由，認為它為賦予消費者能力，擴大全球金融訪問並增強了數字時代的美元支配地位提供了一種實用的途徑。

What Happened: In a blog post published Tuesday, Armstrong put forth a concise argument in favor of allowing interest to flow directly to stablecoin holders, similar to traditional savings accounts.

發生的事情是：在周二發表的博客文章中，阿姆斯特朗提出了一個簡潔的論點，支持允許利息直接流向與傳統儲蓄賬戶類似的Stablecoin持有者。

“Consumers deserve a bigger piece of the pie,” he wrote. “Opening the door for onchain interest will force us all to up our game for the ultimate benefit of consumers.”

他寫道：“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。”

Currently, stablecoin issuers like Circle—whose USDC/USD token is backed 1:1 by U.S. dollars—invest reserves in low-risk assets such as short-term Treasuries. The interest earned is typically kept by the issuer.

目前，像Circle這樣的Stablecoin發行人（WHOUSDC/USD代幣都以美元為單位，以1：1的價格支持低風險資產，例如短期財務品。賺取的利息通常由發行人保留。

Armstrong is pushing for a regulatory change that would permit stablecoin holders to receive this yield directly, bypassing intermediaries and mirroring the structure of interest-bearing bank accounts.

阿姆斯特朗（Armstrong）正在推動監管變更，這將允許Stablecoin持有人直接獲得此收益率，繞過中介機構並反映出帶有興趣的銀行帳戶的結構。

The stakes are high for consumers, Armstrong argued. While the average federal funds rate hovered around 4.75% in 2024, the typical consumer savings account paid just 0.41%—or as low as 0.01% in many cases.

阿姆斯特朗認為，對於消費者來說，賭注很高。雖然2024年的平均聯邦資金利率徘徊在4.75％左右，但典型的消費者儲蓄賬戶僅支付0.41％，或者在許多情況下低至0.01％。

With inflation at roughly 3%, savers were losing purchasing power in real terms.

隨著通貨膨脹率約為3％，儲蓄者實際上失去了購買力。

“Onchain interest democratizes access to the market rate yield,” Armstrong wrote. “It gives regular people a fair shot at maintaining and growing their wealth.”

阿姆斯特朗寫道：“ Onchain興趣使獲得市場利率的機會民主化。” “這為普通人提供了維持和增加財富的公平射門。”

Beyond U.S. borders, the implications are even more expansive. Armstrong noted that billions of people globally remain underbanked or lack access to stable fiat currencies.

除了美國邊界之外，其影響更大。阿姆斯特朗指出，全球數十億人仍然被賬單上的賬單不足或無法獲得穩定的法定貨幣。

Onchain interest via USD-backed stablecoins could provide these users with interest-earning digital dollars, accessible from any internet-connected device—without branch visits, remittance fees, or hyperinflation risks.

通過以美元支持的穩定穩定的興趣，可以為這些用戶提供興趣的數字美元，即從任何連接的互聯網連接設備（無分支機構訪問，匯款費或過度通信風險）中訪問。

Armstrong also highlighted the macro benefits for the U.S. economy. Stablecoin issuers are already among the largest buyers of U.S. Treasuries.

阿姆斯特朗還強調了美國經濟的宏觀益處。 Stablecoin發行人已經是美國國債最大的買家之一。

By enabling interest to be distributed to stablecoin users, he believes it would drive further global demand for dollar-backed assets, strengthening the dollar’s role in the digital age.

通過將利息分發給Stablecoin用戶，他認為這將推動全球對美元支持資產的需求，從而增強了美元在數字時代的作用。

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

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

However, current securities laws limit this potential. Unlike banks, stablecoin issuers face strict disclosure and compliance burdens if they attempt to pay interest to users—barriers Armstrong says are outdated.

但是，當前的證券法限制了這一潛力。與銀行不同，如果穩定發行人試圖向用戶支付利息，他們將面臨嚴格的披露和合規負擔 - 阿姆斯特朗說，阿姆斯特朗說已經過時了。

“The tech is all there, but the law hasn't caught up,” he explained.

他解釋說：“技術就在那裡，但法律尚未趕上。”

What’s Next: With Congress now actively debating stablecoin legislation, Armstrong called on lawmakers to create a level playing field that allows regulated stablecoin issuers to share interest with users—without classifying those stablecoins as securities.

接下來的事情是：隨著國會現在積極辯論Stablecoin立法，阿姆斯特朗呼籲立法者創建一個公平的競爭環境，允許監管的Stablecoin發行人與用戶分享利益，而沒有將這些穩定股份歸類為證券。

"We can choose to level the playing field and ensure these laws pave a way, or we can protect an outdated system that pays the average person 0.01%."

“我們可以選擇升級競爭環境並確保這些法律鋪平道路，或者我們可以保護一個過時的系統，該系統平均支付0.01％的人。”