Profitable returns, but regulatory logic is more realistic

From the user's perspective, earning interest on stablecoins is obviously a good thing—who wouldn't want their "lying-around dollars" to also work? But from the White House and regulators' perspective, things aren't so romantic.

If stablecoin yields are too high, two major issues could arise: first, competition with bank deposits and money market funds, affecting traditional financial stability; second, attracting a large number of ordinary people with low risk appetite. If something goes wrong, the social impact could be greater. Therefore, discussing yields essentially involves discussing boundaries—how much to give, how to give it, and who should regulate it. It is foreseeable that in the future, compliant stablecoin yields are unlikely to "grow wildly," but will instead be anchored to government bond yields, reverse repurchase rates, and other benchmarks.

The era of huge profits may recede, but long-term trust is likely to increase.
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