#美国消费者物价指数发布在即 The stablecoin yield earning model faces a turning point, and the draft of the "Clarity Act" may become a watershed

The cake of stablecoin earnings has always caught the attention of banks.

Latest reports indicate that a draft of the "Clarity Act" (Page 189) is circulating in Congress, and a key clause directly targets stablecoin interest: companies can no longer rely solely on user coin balances to distribute interest.

So can users still earn? Yes, but with conditions—the rewards must be linked to genuine activities. Opening accounts, trading, asset staking, injecting funds into liquidity pools, participating in network governance—these "real" operations are what qualify for earning. Simply lying back and waiting for money to flow in may soon be blocked.

The biggest current suspense is that senators have 48 hours to raise objections. When the Thursday version is released, will this clause be softened? Honestly, a while ago, some users relied on "holding stablecoins for interest" as passive income. If these rules are strictly enforced, the dream of "sleep income" will basically be shattered. Conversely, banks have always envied the "deposit-like" nature of stablecoins, and this draft seems to give them a green light.

Now, the industry is waiting for the follow-up—will the clause be watered down, or will the stablecoin interest spread be completely sealed off? The next 48 hours of negotiation will likely directly impact many investors' income statements.