The "interest-earning" of stablecoins being brought to the forefront—what does it mean?

The White House is beginning to discuss "stablecoin yields," which itself is a signal: stablecoins are no longer just "dollar substitutes" in the crypto market but are gradually touching the core of traditional finance—interest rates and monetary policy.

Once stablecoins are linked to yields, they are essentially more like "deposit-like products" or "money market funds," which directly challenge the banking system's share. Regulatory focus is likely less on how much you can earn and more on whether risks spill over: if issuers use reserves for high-risk investments, yields go up but safety buffers thin out. For the market, this is a painful phase of maturation; for users, it's a period of cognitive upgrade—stablecoins are no longer "stably lying flat," but entering a new stage of "seeking profit while maintaining stability."

In the future, projects that survive are likely to be those with high transparency, genuine reserves, and strict risk control.