[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-white-house-backs-stablecoin-yield-fight-zh":3,"tags-white-house-backs-stablecoin-yield-fight-zh":32,"related-lang-white-house-backs-stablecoin-yield-fight-zh":33,"related-posts-white-house-backs-stablecoin-yield-fight-zh":37,"series-blockchain-3e309046-c2d7-4c40-8693-21a1c2f1d03e":56},{"id":4,"title":5,"content":6,"summary":7,"source":8,"source_url":9,"author":10,"image_url":11,"keywords":12,"language":21,"translated_content":10,"views":22,"is_premium":23,"created_at":24,"updated_at":24,"cover_image":11,"published_at":25,"rewrite_status":26,"rewrite_error":10,"rewritten_from_id":27,"slug":28,"category":29,"related_article_id":30,"status":31,"google_indexed_at":10,"x_posted_at":10},"3e309046-c2d7-4c40-8693-21a1c2f1d03e","白宮挺穩定幣收益戰","\u003Cp>白宮這次直接選邊站。2026 年 4 月 9 日，\u003Ca href=\"https:\u002F\u002Fwww.whitehouse.gov\u002Fcea\u002F\" target=\"_blank\" rel=\"noopener\">Council of Economic Advisers\u003C\u002Fa> 支持\u003Ca href=\"\u002Fnews\u002Fcircle-ceo-eyes-yuan-backed-stablecoin-demand-zh\">穩定幣\u003C\u002Fa>發放收益。這等於把\u003Ca href=\"https:\u002F\u002Fwww.whitehouse.gov\u002F\" target=\"_blank\" rel=\"noopener\">White House\u003C\u002Fa> 推上和銀行業正面對撞的位置。\u003C\u002Fp>\u003Cp>講白了，這不是小修小補。穩定幣每天跑的資金規模已經很大。現在若能付收益，它就更像數位版存款帳戶。銀行當然會跳腳。\u003C\u002Fp>\u003Cp>這場爭議也很直接。問題不是穩定幣能不能轉帳。問題是，誰能控制這種「像存款」的錢。是銀行，還是 \u003Ca href=\"https:\u002F\u002Ftether.io\" target=\"_blank\" rel=\"noopener\">Tether\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.circle.com\u002Fusdc\" target=\"_blank\" rel=\"noopener\">USDC\u003C\u002Fa> 這種發行商。\u003C\u002Fp>\u003Ch2>為什麼現在吵得這麼兇\u003C\u002Fh2>\u003Cp>穩定幣本來就不是新東西。它們多半拿現金、短天期美債，或類似資產當準備金。目的很單純，就是把幣值鎖在接近 1 美元。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1776384949312-3vby.png\" alt=\"白宮挺穩定幣收益戰\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>但一旦加上收益，事情就變味了。使用者不再只是拿它來交易。它開始像一個會生利息的數位美元帳戶。這對一般人很有吸引力。\u003C\u002Fp>\u003Cp>對銀行來說，這就是麻煩。因為存款是銀行放款的核心資金來源。若錢從活存、儲蓄帳戶流去穩定幣，銀行的資金成本就可能上升。\u003C\u002Fp>\u003Cul>\u003Cli>穩定幣已經是加密市場的主要結算工具。\u003C\u002Fli>\u003Cli>收益功能會讓它更像現金管理工具。\u003C\u002Fli>\u003Cli>銀行最怕的是存款外流。\u003C\u002Fli>\u003Cli>發行商則想把使用者留在自家產品裡。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>這裡還有政治味。川普政府對加密貨幣的態度，明顯比前幾年友善。這次表態，和整體政策方向很一致。銀行公會則看得很清楚，這是在搶它們的地盤。\u003C\u002Fp>\u003Cp>如果你把它想成產品競爭，就很好懂。以前穩定幣只是搬錢工具。現在它可能變成「會付息的搬錢工具」。差很多。\u003C\u002Fp>\u003Ch2>銀行業真正怕的是什麼\u003C\u002Fh2>\u003Cp>銀行不是怕穩定幣小。它們怕的是，這東西一旦能分配準備金收益，消費者會覺得更划算。尤其在高利率環境下，短天期國債本來就有不錯收益。\u003C\u002Fp>\u003Cp>這裡的商業模式很直白。發行商持有準備金，賺利息。政策若放行，這筆收入可以部分回到持有人手上。那穩定幣就不只是支付工具，而是收益產品。\u003C\u002Fp>\u003Cp>這也是銀行最敏感的地方。因為它們多年來靠低成本存款撐住放款。現在如果有人做出一個更好用、還會付息的數位替代品，壓力就來了。\u003C\u002Fp>\u003Cblockquote>“The banks are looking at this and saying, ‘Wait a minute, you’re creating a money market fund in all but name, and you’re calling it a payment instrument,’” said Senator Cynthia Lummis in a 2024 interview with \u003Ca href=\"https:\u002F\u002Fwww.cnbc.com\u002F\" target=\"_blank\" rel=\"noopener\">CNBC\u003C\u002Fa>.\u003C\u002Fblockquote>\u003Cp>這句話很有畫面。她直接點出銀行業的焦慮。你說是支付工具，但功能看起來又像貨幣市場基金。這種分類模糊，最容易引爆監管戰。\u003C\u002Fp>\u003Cp>我覺得銀行業不是沒道理。因為如果一個產品同時有轉帳、儲值、收益三種功能，那它就不只是「幣」。它已經碰到金融中介的核心功能了。\u003C\u002Fp>\u003Ch2>和銀行產品比，差在哪裡\u003C\u002Fh2>\u003Cp>拿數字比最清楚。美國大型銀行的儲蓄帳戶，很多時候利率不到 1%。有些甚至更低。對一般用戶來說，放錢在那裡幾乎沒感覺。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1776384956167-gtir.png\" alt=\"白宮挺穩定幣收益戰\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>但短天期美債和貨幣市場基金，過去幾年常常高很多。穩定幣準備金如果放在這些資產上，收益來源就很明確。只差發行商願不願意分給持有人。\u003C\u002Fp>\u003Cp>這也是為什麼穩定幣會被拿來和銀行存款、貨幣市場基金一起比較。功能上，它們都在處理閒置資金。差別只是包裝形式不同。\u003C\u002Fp>\u003Cul>\u003Cli>大型銀行儲蓄帳戶常低於 1%。\u003C\u002Fli>\u003Cli>短天期美債收益通常明顯更高。\u003C\u002Fli>\u003Cli>穩定幣準備金多半放在現金或政府債券。\u003C\u002Fli>\u003Cli>若收益可分享，競爭力會直接上升。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>競品角度也很有意思。\u003Ca href=\"https:\u002F\u002Fwww.paypal.com\u002Fus\u002Fdigital-wallet\u002Fmanage-money\u002Fcrypto\" target=\"_blank\" rel=\"noopener\">PayPal\u003C\u002Fa> 和傳統金融科技公司做的是支付入口。\u003Ca href=\"https:\u002F\u002Fwww.circle.com\u002Fusdc\" target=\"_blank\" rel=\"noopener\">Circle\u003C\u002Fa> 和 \u003Ca href=\"https:\u002F\u002Ftether.io\" target=\"_blank\" rel=\"noopener\">Tether\u003C\u002Fa> 做的是鏈上美元。若\u003Ca href=\"\u002Fnews\u002Fanthropic-coreweave-deal-adds-claude-compute-zh\">再加\u003C\u002Fa>收益，產品定位就會往「數位現金管理」移動。\u003C\u002Fp>\u003Cp>這會逼監管機關做分類。是支付、儲蓄，還是投資？分類不同，規則差很多。這也是整場爭議卡住的原因。\u003C\u002Fp>\u003Ch2>產業脈絡不是只有加密圈\u003C\u002Fh2>\u003Cp>很多人會把這件事看成幣圈內鬥。其實不是。它牽動的是美元流通方式。只要穩定幣規模夠大，它就會碰到支付清算、銀行存款，甚至國庫券需求。\u003C\u002Fp>\u003Cp>而且這個市場不是空氣。像 \u003Ca href=\"https:\u002F\u002Fwww.coingecko.com\u002Fen\u002Fcategories\u002Fstablecoins\" target=\"_blank\" rel=\"noopener\">CoinGecko\u003C\u002Fa> 這類資料平台長期追蹤穩定幣供給。你會看到它在交易所、跨境轉帳、鏈上結算裡都很常見。它早就不是邊緣工具。\u003C\u002Fp>\u003Cp>對開發者來說，這代表 API、錢包、託管、合規流程都會一起變。若收益功能被放行，產品設計就不能只看轉帳成功率。還要看利率、清算時間、風控和法規。\u003C\u002Fp>\u003Cp>更大的背景是，美國現在在想怎麼處理「數位美元」的民間版本。央行數位貨幣討論卡很久。民間穩定幣反而跑得快。這也是為什麼監管會一直追著跑。\u003C\u002Fp>\u003Ch2>接下來會怎麼走\u003C\u002Fh2>\u003Cp>下一步不是技術更新，而是國會怎麼寫字。只要條文寫得不清楚，穩定幣發行商和銀行就會繼續打。若條文允許收益，市場會往更像數位存款的方向走。\u003C\u002Fp>\u003Cp>我自己的判斷很直接。接下來 6 到 12 個月，最重要的不是誰聲量大，而是\u003Ca href=\"\u002Fnews\u002Fjpmorgan-clarity-act-near-deal-stablecoin-fight-zh\">法案\u003C\u002Fa>有沒有把「支付型穩定幣」和「收益型穩定幣」切開。只要這條線沒畫清楚，銀行和加密業都不會滿意。\u003C\u002Fp>\u003Cp>你如果是開發者，現在就該注意兩件事。第一，穩定幣產品可能要分層設計。第二，合規和收益分配會變成核心需求，不是附加功能。這場戰爭，最後很可能不是誰贏誰輸，而是誰先把規則寫進產品裡。\u003C\u002Fp>","白宮支持穩定幣發放收益，直接把戰線拉到銀行業。這場政策戰不只談加密貨幣，也在爭誰能提供像存款一樣的產品。","www.nytimes.com","https:\u002F\u002Fwww.nytimes.com\u002F2026\u002F04\u002F09\u002Fbusiness\u002Fwhite-house-crypto-stablecoins-interest.html",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1776384949312-3vby.png",[13,14,15,16,17,18,19,20],"穩定幣","收益","白宮","銀行業","加密貨幣監管","USDC","Tether","美國政策","zh",0,false,"2026-04-17T00:15:34.854786+00:00","2026-04-17T00:15:34.792+00:00","done","15519691-b5df-41e5-bff1-a0e8ef2577d3","white-house-backs-stablecoin-yield-fight-zh","blockchain","c08dc414-664a-42f7-bc5c-9559e1e68fce","published",[],{"id":30,"slug":34,"title":35,"language":36},"white-house-backs-stablecoin-yield-fight-en","White House backs stablecoin yield fight","en",[38,44,50],{"id":39,"slug":40,"title":41,"cover_image":42,"image_url":42,"created_at":43,"category":29},"21cd8e63-bddf-4a34-a06e-727a640a2af7","jpmorgan-clarity-act-near-deal-stablecoin-fight-zh","CLARITY法案快談成了？","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1776384796396-c154.png","2026-04-17T00:13:02.256169+00:00",{"id":45,"slug":46,"title":47,"cover_image":48,"image_url":48,"created_at":49,"category":29},"7f1ea28f-e7b2-497c-86d1-c417601bb9f8","circle-ceo-eyes-yuan-backed-stablecoin-demand-zh","Circle 想碰人民幣穩定幣","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1776384589876-hbhc.png","2026-04-17T00:09:32.388293+00:00",{"id":51,"slug":52,"title":53,"cover_image":54,"image_url":54,"created_at":55,"category":29},"6639d1ca-4a77-4e76-a8aa-dc756e6f419f","ai-agents-crypto-hidden-router-security-gap-zh","AI 代理碰上加密貨幣的路由風險","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1776255036137-97ub.png","2026-04-15T12:10:07.698811+00:00",[57,62,67,72,77,82,87,92,97,102],{"id":58,"slug":59,"title":60,"created_at":61},"e1b4b518-f86b-410c-8c82-8cfb787ff2ef","moonpay-open-wallet-standard-ai-payments-zh","MoonPay 推 OWS，瞄準 AI 付款","2026-03-28T03:08:33.379969+00:00",{"id":63,"slug":64,"title":65,"created_at":66},"e72bae29-ddbd-437b-aaa4-cd662605394b","next-gen-crypto-simulators-ai-web3-training-zh","新一代加密模擬器更聰明了","2026-04-01T09:36:33.917023+00:00",{"id":68,"slug":69,"title":70,"created_at":71},"b8e39b58-6b9d-4714-92d3-26df18a3e0f4","rtk-cuts-claude-code-token-spend-zh","RTK 讓 Claude Code 少燒 Token","2026-04-01T10:24:29.259497+00:00",{"id":73,"slug":74,"title":75,"created_at":76},"7ff10146-4ca0-4670-a02c-384dde04f610","trm-labs-ai-agents-crypto-investigations-zh","TRM Labs 將 AI agent 帶進加密調查","2026-04-01T10:33:30.166266+00:00",{"id":78,"slug":79,"title":80,"created_at":81},"00668dea-9f0e-4019-b861-03817d5a8877","how-web3-marketing-changed-in-2026-zh","2026 Web3 行銷怎麼變了","2026-04-02T01:36:34.973322+00:00",{"id":83,"slug":84,"title":85,"created_at":86},"e7992274-42ee-40bc-bb05-97250098c56c","ai-agentic-defi-web3-grants-march-2026-zh","AI、Agentic DeFi 與 Web3 補助案","2026-04-02T05:51:36.857954+00:00",{"id":88,"slug":89,"title":90,"created_at":91},"5cef810b-af3d-467a-8b41-627769eca895","why-crypto-is-fixated-on-ai-agents-zh","為何加密圈盯上 AI Agent","2026-04-02T05:54:28.919864+00:00",{"id":93,"slug":94,"title":95,"created_at":96},"d30e6203-d522-41a1-b529-fcf4499cd985","web3-explained-what-it-is-why-it-matters-zh","Web3 是什麼，為何重要","2026-04-02T06:15:32.580114+00:00",{"id":98,"slug":99,"title":100,"created_at":101},"f29e65ae-64df-463b-ba22-afd9dcbd0f8f","trust-wallet-agent-kit-ai-trade-25-chains-zh","Trust Wallet 讓 AI 幫你交易","2026-04-02T06:27:33.183404+00:00",{"id":103,"slug":104,"title":105,"created_at":106},"91022b4c-b53e-4c18-abfe-914a8eca6e28","blockchain-in-ai-real-use-cases-zh","區塊鏈加 AI，真實落地在哪裡","2026-04-02T06:30:44.026286+00:00"]