如果稳定币可以付息，商业银行模式是否正在被颠覆？

Core Viewpoint - A legislative battle in Washington over the ability of stablecoins to pay interest could reshape the global financial system, posing a significant challenge to traditional banks [1][3]. Group 1: The Stakes for Banks - Traditional banks are alarmed by the potential of interest-bearing stablecoins, which could undermine their deposit base and business model [5][6]. - The core of the banking model relies on attracting low-cost deposits and lending them out at higher rates, creating a profit margin that stablecoins threaten [8][9]. - Stablecoins offer liquidity similar to cash and yields comparable to investment products, directly competing with traditional bank deposit accounts [9][10]. Group 2: The Response from the Crypto Industry - The cryptocurrency sector argues that banks are not genuinely concerned about financial stability but rather about losing deposits to stablecoins [13]. - The crypto industry's position highlights the long-standing low interest rates offered by banks to ordinary depositors, questioning their commitment to customer interests [13]. Group 3: Legislative Implications - The central issue in the legislative debate is whether stablecoins should be classified as bank deposits, which would subject them to banking regulations [19][15]. - Banks are lobbying for either a prohibition on interest payments by non-bank entities or for stablecoins to be regulated as banks [19][16]. - The current regulatory framework presents a gray area that banks view as a critical vulnerability [14]. Group 4: Potential Outcomes - Three possible legislative paths are anticipated: prohibition of interest payments while allowing stablecoins to exist, establishment of a "quasi-bank" license, or full integration into the banking system [20]. - The outcome of this legislative battle will significantly impact where consumers choose to hold their money, either in traditional banks or in a more flexible but uncertain new system [20].