The interest payment mechanism of stablecoins is becoming a new battleground for financial regulation.

Currently, a leading exchange offers a 3.35% annual reward to platform USDC holders. The reason this move is feasible lies in a "gray area" of the current legislation—laws prohibit stablecoin issuers from paying interest, but do not impose the same restrictions on secondary market distribution channels. This loophole is being fully exploited.

**Why are traditional banks so eager?**

Simply put, they fear deposit outflows. If high-yield stablecoins can freely pay interest, they will directly siphon off a large amount of funds from banks. This is not just about interest income—deposits are the foundation of the entire banking lending system. A reduction in deposits would limit the bank’s overall lending capacity.

There is also a hidden risk point: stablecoins are not protected by FDIC (Federal Deposit Insurance Corporation). In traditional finance, this implies potential systemic risk.

**Global attitudes are not uniform**

Interestingly, different countries have vastly different policy stances on stablecoins. Central bank digital currencies and private stablecoins are fundamentally different in logic—former relates to national financial strategy, while the latter directly impacts the利益链 of traditional banking. Therefore, the starting points of regulation vary greatly: some lean towards support, others impose strict restrictions.

The core of this controversy is quite simple: stablecoins are challenging the profit model that banks have maintained for decades. As long as this threat exists, the crackdown will not cease.