In the past three days, several events happened. At first glance, they seem unrelated, but when connected—the underlying logic can send chills down your spine.

Let's start with the surface phenomena:

A certain compliant trading platform suddenly announced that starting December 15th, USDC will no longer pay retail investors yields. Want to keep that 4% annualized return? Deposit more money to upgrade your membership.

Meanwhile, YouTube officially announced that creator revenue sharing can now be settled directly using PayPal's stablecoins.

On the US side, major banks are discussing the details of stablecoin legislation in Congress, and SEC and CFTC are unusually relaxing regulatory standards simultaneously.

At first glance, these news items seem unrelated.

But if you align the timeline and interests—you'll uncover a chilling truth:

**Stablecoins are not "developing," they are "transforming."**

From "a savings tool" to "payment infrastructure."

# Why suddenly stop paying yields?

Many people think this is just the platform being stingy, cutting profits.

Wrong.

This is a signal of role switching.

Think about it—what doesn’t pay you interest?

Cash.
Fiat currency.
Daily payment accounts.

Does the US dollar pay interest? No.
Does the Alipay balance pay interest? It was cut long ago.
What about WeChat Wallet? Never paid.

**Because these are "circulation" tools, not "savings" instruments.**

In the past two years, USDC offering 4% yields was essentially burning money to attract users.

Now that the user base is sufficient, network effects are in place, and regulation is easing—

It is shifting from a "financial product attracting funds" to a "global payment layer in the US dollar system."

Role change means interest payments naturally stop.

This is not a business adjustment.

It’s a redefinition of monetary attributes.

Behind this transformation, a hidden undercurrent is surging through the global monetary system—

Stablecoins are becoming the main battleground in the currency wars for the next decade.