Coinbase首席执行官Brian Armstrong呼吁制定稳定立法，以实现链接利益

Coinbase首席执行官Brian Armstrong呼吁立法者支持Stablecoin立法，这是对加密货币领域创新的热情认罪，这将允许

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首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）为立法者提供了一份激情的请求，以支持稳定立法，这将使消费者可以直接从其数字美元持股中赚取利息。

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，强调了消费者和更广泛的美国经济的“双赢”情景。他提出，下一阶段的稳定蛋白开发应包括一种机制的机制，使得由菲亚特支持的稳定的稳定者的持有人能够获得诸如美国短期美国国债等基本资产产生的收益率的份额。

"We can either modernize the system to benefit consumers — or protect an outdated one that enriches middlemen.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

“我们可以使系统现代化以使消费者受益，也可以保护一个充实中间人的过时的系统。让我们完成这项工作！”阿姆斯特朗写道。

Stablecoins and the Future of Financial Innovation

Stablecoins和Financial Innovation的未来

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.

根据阿姆斯特朗的说法，稳定币已经作为法定货币的数字表征实现了大量采用，但它们的全部潜力仍未开发。他指出，长期以来，银行能够根据既定的监管豁免来提供带有利息的帐户，使他们能够从短期美国国债等基本资产中收取利息，并将部分资产传递给客户。

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，尽管Stablecoin发行人大规模购买了美国国库券，这促使全球经济中的美元流动性迫切需要，但Stablecoin发行人在没有证券法的情况下与用户共享利息方面存在明显的法律不确定性。

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

根据阿姆斯特朗的说法，这一监管挑战为在该领域进一步创新的机会提供了机会。

“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.”

“消费者应该得到更大的馅饼。当我们为OnChain兴趣打开了大门时，它将迫使我们所有人为消费者的最终利益增强游戏，并将这一创新保持在岸上。”

A Fairer Financial Future for All

所有人的财务未来

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%.

阿姆斯特朗的要点之一是，与传统的银行系统相比，Onchain的利息可以民主化获得市场利率的收益率，这将使普通消费者能够获得更公平的储蓄回报。他指出，联邦资金利率在2024年为4.75％，而大多数消费者在其储蓄账户中赚取的接近零利率，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.

由于通货膨胀率仍然持续约3％，阿姆斯特朗强调了这一兴趣差距如何转化为日常美国人购买力的缓慢损失。相比之下，Onchain的兴趣可以通过为他们提供菲亚票支持的数字美元持有的更好的财务回报来帮助普通人维持和增加财富。

“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。”

Global Implications: Financial Inclusion and Global Access

全球影响：金融包容性和全球访问

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.

除了美国以外，阿姆斯特朗还谈到了稳定菌可能在全球范围内的银行不足地区产生的变革性影响。在不稳定货币的国家中，数十亿人被排除在赚钱的地方，或者被迫使用不可服务的当地货币。

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提供了一条生命线：稳定的美元支持资产，仅通过互联网连接就可以访问。根据阿姆斯特朗的说法，通过允许使用兴趣的稳定币，美国可以将新的全球用户浪潮加入即时，透明且可访问的金融系统。

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，该系统将消除分支机构访问，过度透支费和昂贵的汇款服务的需求，最终为所有人奠定了开放和平等的财务未来。

Strategic Advantage for the U.S. Economy

对美国经济的战略优势

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）在他的帖子中强调说，实现Onchain权益的立法将为美国经济带来多种利益。他指出，Stablecoin发行人如何已经成为美国国债最大的买家之一，超过了许多外国政府对该市场的贡献。这个因素对增加全球经济中对美元计价资产的需求有用。

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.

随着越来越多的消费者能够赢得稳定币的利息，阿姆斯特朗认为这将导致更大的国库需求，从而在世界舞台上加强了美元的统治地位，并通过更高的消费者支出和投资来刺激经济活动。

“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 - 助长了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, 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，阿姆斯特朗警告说，如果没有国会的迅速采取行动，美国就有可能在潜在的全球金融流量中错过了数万亿美元，并看到这种创新发生在其他国家。他指出，亲克赖特托政府和积极的国会参与Stablecoin法规创造了一个独特的机会，使消费者现代化了美国金融体系。

Urgent Call for Regulatory Action

紧急呼吁采取监管行动

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）敦促国会采取行动，并确保新的Stablecoin立法提供明确的法律框架，以使受监管的发行人能够在不触发复杂的披露要求或证券分类的情况下提供OnChain权益。

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!”

他总结说：“我们可以使系统现代化以使消费者受益，或者保护一个充实中间人的过时的系统。让我们完成这项工作！”

As stablecoins continue to gain

随着稳定币继续获得