At the World Economic Forum in Davos, the crypto community and political figures had a tête-à-tête. What was originally a discussion about blockchain infrastructure turned into a heated debate over stablecoins, Bitcoin, and US regulation.

The focus centered on the issue of stablecoin yields. A seemingly simple topic—whether stablecoin holders should earn interest—triggered a chain reaction, even influencing the legislative process of the US CLARITY Act in the Senate.

A leader from a major exchange openly stated at the forum: "Stablecoin yield payments are a consumer rights issue and also a matter of global competitiveness." His logic was straightforward—first, putting more money into holders' pockets and allowing funds to generate returns is common sense; second, from an international competition perspective. China's central bank digital currency has already announced it will pay interest, and offshore stablecoins have been doing this for a while. If stablecoins under US regulation are banned from offering yields, it will only hand the market over to offshore competitors.

This statement hit a real dilemma: the US is setting the rules, but the actual flow of funds may have already moved overseas.