Coinbase Coin Coin首席执行官Brian Armstrong为解锁stablecoins的兴趣提供了有力的理由

在周二发表的博客文章中，阿姆斯特朗提出了一个简洁的论点，有利于直接流向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）首席执行官布莱恩·阿姆斯特朗（Brian Armstrong）为解锁stablecoins的链接兴趣做出了有力的理由，认为它为赋予消费者能力，扩大全球金融访问并增强了数字时代的美元支配地位提供了一种实用的途径。

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.

发生的事情是：在周二发表的博客文章中，阿姆斯特朗提出了一个简洁的论点，支持允许利息直接流向与传统储蓄账户类似的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.”

他写道：“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。”

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这样的Stablecoin发行人（WHOUSDC/USD代币都以美元为单位，以1：1的价格支持低风险资产，例如短期财务品。赚取的利息通常由发行人保留。

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）正在推动监管变更，这将允许Stablecoin持有人直接获得此收益率，绕过中介机构并反映出带有兴趣的银行帐户的结构。

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.

阿姆斯特朗认为，对于消费者来说，赌注很高。虽然2024年的平均联邦资金利率徘徊在4.75％左右，但典型的消费者储蓄账户仅支付0.41％，或者在许多情况下低至0.01％。

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

随着通货膨胀率约为3％，储蓄者实际上失去了购买力。

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

阿姆斯特朗写道：“ Onchain兴趣使获得市场利率的机会民主化。” “这为普通人提供了维持和增加财富的公平射门。”

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.

除了美国边界之外，其影响更大。阿姆斯特朗指出，全球数十亿人仍然被账单上的账单不足或无法获得稳定的法定货币。

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.

通过以美元支持的稳定稳定的兴趣，可以为这些用户提供兴趣的数字美元，即从任何连接的互联网连接设备（无分支机构访问，汇款费或过度通信风险）中访问。

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

阿姆斯特朗还强调了美国经济的宏观益处。 Stablecoin发行人已经是美国国债最大的买家之一。

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.

通过将利息分发给Stablecoin用户，他认为这将推动全球对美元支持资产的需求，从而增强了美元在数字时代的作用。

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

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

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，当前的证券法限制了这一潜力。与银行不同，如果稳定发行人试图向用户支付利息，他们将面临严格的披露和合规负担 - 阿姆斯特朗说，阿姆斯特朗说已经过时了。

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

他解释说：“技术就在那里，但法律尚未赶上。”

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.

接下来的事情是：随着国会现在积极辩论Stablecoin立法，阿姆斯特朗呼吁立法者创建一个公平的竞争环境，允许监管的Stablecoin发行人与用户分享利益，而没有将这些稳定股份归类为证券。

"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%."

“我们可以选择升级竞争环境并确保这些法律铺平道路，或者我们可以保护一个过时的系统，该系统平均支付0.01％的人。”