The latest draft of the U.S. 'Clarity Act' has once again brought the core issue of stablecoin profit distribution to the forefront.
According to the latest disclosed amendments, the draft bill aims to prohibit users from earning profits solely based on their stablecoin balances, and it also restricts any arrangements that resemble bank deposit interest. According to the current direction of discussions, the profit models that may be allowed in the future might only be based on user activity rather than simple 'holding coins for interest'.
This change seems like just a refinement of terms, but it actually has significant implications.
Because it touches on one of the most critical issues of stablecoin competitiveness: Can stablecoins really become interest-bearing substitutes for the dollar?
If the bill ultimately progresses in this direction, the market may see several changes:
• Pure holding profit models will be compressed
• Stablecoin projects will need to redesign incentive structures
• 'Profits' may shift more towards behavioral rewards such as trading, payments, and liquidity participation
• The boundary of interests between the banking industry and stablecoin issuers will be further clarified
From a game-theoretical perspective, such restrictions are not surprising. The banking industry has always been concerned that if stablecoins naturally possess attractions similar to deposit interest, funds could accelerate the flow from the traditional banking system to the on-chain dollar system, thereby weakening the banking deposit base and lending capacity. This amendment draft is essentially a result of balancing these interests.
On the other hand, if stablecoins can only be used for payment settlements but cannot provide holding profits, then their attractiveness to ordinary users and institutions may also be reassessed.
This means that the competition in the stablecoin space in the future may not only be about 'who is more compliant,' but it will also turn into 'who can design still sufficiently attractive use cases within the compliance framework.'
What do you think? If stablecoins are restricted from 'holding profits,' will their growth logic be weakened? #稳定币 #稳定币法案 case