布莱恩·阿姆斯特朗（Brian Armstrong）谈到了对兴趣息息的需求

具体来说，他说Stablecoins应该能够向消费者支付利息，而银行和加密公司也应该能够做同样的事情。

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首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）本周发表了关于众议院金融服务委员会周三对stablecoin立法的标记之前的兴趣稳定的。

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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.

具体来说，他说Stablecoins应该能够向消费者支付利息，而银行和加密公司也应该能够做同样的事情。

"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”上说：“我们支持参议院所写的法案草案，但其中有一部分确实对我有些关注，这就是消费者无法对Stablecoins感兴趣的想法。” “许多美国人，他们的储蓄账户只能收入约0.14％，但是在库库中，您现在可以赚取4.5％的赚钱。这对我来说似乎不公平……我们希望看到允许这一目标的立法。”

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.

众议院马stable（对更好的分类帐经济的Stablecoin透明度和问责制）规定，允许发行人“不得向Stablecoin的持有人支付利息或收益”。同样，参议院的天才（指导和建立了为美国Stablecoins的国家创新）法案对“付款Stablecoin”的定义指定“不提供收益或利息的支付”。后一个法案于3月在参议院通过。

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）的评论遵循其X帐户上的漫长帖子，该帖子更详细地介绍了他的观点。

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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."

他写道：“与支票和储蓄账户不同，Stablecoins目前并不从证券法律的相同豁免中受益，允许发行人向用户支付利息。” “ Stablecoins应该能够像普通的储蓄帐户一样支付利息，而没有证券法对繁重的披露要求和税收影响。”

Who holds the profits?

谁持有利润？

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）之类的Stablecoins由美元支持1-1，他们的发行人通常以现金和短期财政证券持有储备金。从历史上看，这些类型的资产一直是传统金融轨道和加密系统之间的贸易商的桥梁，加密货币投资者密切关注它们，以证明市场上需求，流动性和活动。

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.

近年来，Stablecoins也因其仅仅持有持有的用户利息而向用户支付利息的能力也很受欢迎 - 但是，这种利息支付通常是由Coinbase，Kraken，Kraken或Wallet Operators，而不是Stablecoin发行人本身提供的交易所提供的激励措施。

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与Stablecoin发行人圈（USDC背后的公司）达成了一项协议，该公司于周二晚上提交了向SEC的首次公开募股，以分享USDC收入的50％。公司招股说明书的一部分详细阐述了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.

该文件说：“缺乏联邦法规，有可能由相关监管机构归类为“证券”或'衍生工具'，或者它们可能受国家银行业务或信托公司法规的约束。”

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.

证券交易委员会通常将资产视为证券，如果它们构成了货币投资，并希望从他人的努力中获得利润。安全状况通常意味着要受到更大的监管审查和合规义务，这对公司来说非常昂贵。

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的首席执行官Ben Kurland表示，允许发行人向用户支付利息也将标志着谁在加密货币中持有利润的转变。

"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."

他说：“目前，交流和平台通过投资用户存款并保留大部分回报来捕获Stablecoins的收益。” “如果Stablecoin发行人开始直接向用户支付利息，它会翻转模型：用户受益更多，中间人会被挤压，而Stablecoins变得更具吸引力。”

'Growing exponentially'

“成倍增长”

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.

据CryptoQuant称，在过去的一年中，传统的，非收益的美元支持的Stablecoins的市值增长了46％以上。但是，根据摩根大通（JPMorgan）的说法，但是像Ethena的USDE或Ondo Finance的Usdy这样的承受屈服的稳定剂是Stablecoin宇宙中增长最快的队列。

"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.

摩托马尔甘（JPMorgan）的Nikolaos PanigirtZoglou在上周三的一份说法中说：“在美国大选之后，这种承重的稳定稳定的宇宙一直在成倍增长，其市值超过了130亿美元，占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

随着时间的流逝，他补充说，承担屈服的稳定币可以取代大多数位于传统stablecoins中的“闲置现金”