The crypto industry and the banking sector are engaged in a fierce battle over stablecoin yield mechanisms. The recent focus of attention is—about a leading crypto platform offering approximately 3.5% annualized returns on stablecoins.

What does the banking industry think? Frankly: this is essentially a disguised high-yield deposit operation, but it avoids the strict regulatory requirements on public deposits. Major banks like JPMorgan Chase and Citibank are jointly pressuring legislators, warning that these "yield-stablecoins" could deal a fatal blow to small and medium-sized banks in the US. A comparison makes it clear—the average interest rate on regular US checking accounts is less than 0.1%, the gap is huge.

This dispute has directly impacted the legislative process. The cryptocurrency market structure bill, originally scheduled for a vote by the Senate Banking Committee on Thursday, has been forced to delay. A leading platform withdrew its support for the bill, putting the entire legislative outlook under severe scrutiny, even as other crypto companies continue to insist.

Interestingly, while big banks oppose stablecoin yields, they are secretly advancing their own crypto product strategies. JPMorgan Chase, Citibank, Bank of America, and others are developing their own crypto collaboration plans, with some even considering issuing their own stablecoins.

The essence of this game reflects the fundamental contradiction in the integration process between the traditional financial system and the Web3 ecosystem—when innovative products threaten existing利益格局, who will ultimately make concessions?