Coinbase首席执行官Brian Armstrong呼吁立法者支持Stablecoin立法

Coinbase首席执行官Brian Armstrong呼吁立法者支持Stablecoin立法，该立法使消费者可以直接从其数字美元持股中赚取利息

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首席执行官Brian Armstrong敦促立法者支持Stablecoin立法，该立法使消费者可以直接从其数字美元持股中赚取利息，并将其视为“双赢”场景。

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日发表的详细帖子中辩称，下一阶段Stablecoin创新必须包括“ OnChain Isport”。这将涉及将基本储备资产（例如美国短期美国国债）产生的收益份额的机制，向菲亚支持的稳定者的持有者分配给菲亚特支持的稳定者的持有人。

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."

尽管长期以来一直将银行获得监管豁免以提供利息帐户，但Stablecoin发行人目前面临法律不确定性。如果没有潜在触发证券法或从事可能被归类为“投资银行业务”的活动，他们就无法与用户分享利息。

According to Armstrong:

根据阿姆斯特朗的说法：

“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.”

“消费者应该得到更大的馅饼。为OnChain兴趣打开大门，将迫使我们所有人为消费者的最终利益增强游戏，并将这项创新保持在岸上。”

Fairer financial future

更公平的财务未来

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已经作为法定货币的数字代表已经实现了大量采用，但阿姆斯特朗坚持认为，他们尚未为日常用户解开其全部潜力。

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，尽管2024年的平均联邦资金利率为4.75％，但大多数消费者的收入低于0.5％，在许多情况下，其储蓄账户的收入不足，而在许多情况下，其收入不足。随着通货膨胀率近3％，这导致了普通美国人的购买力真正损失。

As Armstrong noted:

正如阿姆斯特朗指出的那样：

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

“ Onchain兴趣使获得市场利率的收益率民主化，使普通人在维持和增加财富方面有了公平的态度。”

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.

他进一步强调了Stablecoins在全球范围内改变财务通道的潜力。世界各地的数十亿人缺乏全额销售美元，或者被迫使用遭受快速折旧和不稳定的当地货币。

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.

通过启用兴趣的稳定股，美国可以快速登上新的全球用户浪潮，成为只需Internet连接的即时，透明且可访问的金融系统。

As Armstrong added:

正如阿姆斯特朗（Armstrong）添加的那样：

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

“没有分支机构访问，没有过多的透支或汇款费。这是每个人的平等财务通道，由加密货币驱动。”

Strategic advantage for the US economy

对美国经济的战略优势

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）继续详细介绍如何允许稳定股（Stablecoins）的链链利益与更广泛的美国经济政策目标保持一致。

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发行人已经是美国国库中最大的买家之一，超过了许多外国政府的购买，他们正在帮助将更多的全球资本需求重定向到以美元计价的资产进行重定向。

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.

如果世界各地的消费者能够对美国稳定币赚取利息，那么随之而来的采用率的增加将促进国库的需求，增强美元在全球金融体系中的作用，并通过更高的消费者支出和投资来刺激经济活动。

According to Armstrong:

根据阿姆斯特朗的说法：

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

“消费者手的收益率更多意味着更多的支出，储蓄，投资 - 持有稳定的所有地方经济体的经济增长。”

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，阿姆斯特朗警告说，如果不迅速采取行动将Onchain权益融入新的Stablecoin立法，美国可能会在未来几十年中错过数万亿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确的法律规定，以确保受监管的菲亚特·斯平霉素的发行人可以将利息分配给用户，而不会触发复杂的披露要求或可能使发行人符合一系列证券法的分类。

As Armstrong concluded:

正如阿姆斯特朗得出的那样：

“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.”

“借助专业的政府和国会积极从事Stablecoin监管，我们有一个独特的机会。我们可以使该系统现代化以使消费者受益，或者保护一个丰富的中间人的过时的机构。”