#稳定币去利息化博弈升温

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Today, we stand here to discuss a core battle heating up in the financial world—the “de-interesting” of stablecoins.

For a long time, the logic of traditional finance has been “borrowing money requires paying interest.” But now, driven by regulatory compliance and technological innovation, stablecoins are trying to break this rule. The so-called “de-interesting” isn’t about eliminating returns on capital but about completely separating “usage rights” from “income rights.” The intensification of this battle essentially revolves around the contest between sovereign currencies and private digital dollars. On one hand, if issuers claim the interest from government bonds as their own, they are just banks in disguise; on the other hand, if they make interest transparent and tokenized for users, it will disrupt traditional payment providers’ profit models. De-interesting strips away the monopoly of financial intermediaries, leaving behind efficient, transparent payment infrastructure. This is not just a commercial competition but also a surrender and reconstruction of monetary sovereignty.

In this battle, whoever can truly return “interest” to users within the bounds of compliance will hold the pricing power of the next-generation financial infrastructure.