Washington's controversy is not over yet. Half a year after the enactment of the 《GENIUS Act》, Wall Street banks and Silicon Valley crypto circles are at odds over whether stablecoins can generate interest. On the surface, it's a dispute over business models, but at its core, it has escalated to the level of national strategy.

The bill explicitly prohibits stablecoin issuers from paying interest directly, sounding airtight. But major exchanges like Coinbase and Kraken quickly adapted, turning to "reward mechanisms" to send earnings to users' pockets. The banking industry united in opposition, claiming this is just regulatory arbitrage under a different guise, and even warning that $6.6 trillion in deposits could flow out as a result. Community banks' lobbying teams grew more urgent, directly writing to Congress: "Don't be fooled by the name of innovation; this is a loophole that must be closed quickly."

Then things got complicated. Americans are still embroiled internally, while on New Year's Day, the People's Bank of China took action: e-CNY 2.0 officially launched, offering a 0.05% annual interest rate on real-name wallets. This move is highly significant—Digital RMB has instantly upgraded from a pure payment tool to an interest-bearing asset, causing waves in the Web3 community.

Crypto advocate John Deaton bluntly stated: "China pays interest on digital currency, while the US bans dollar stablecoins from generating yields. This isn't about protection; it's about pushing global capital to the other side." Paradigm Vice President Alexander Grieve also saw through the game: removing rewards is equivalent to voluntarily giving up the lead.

Ironically, the original intent of the 《GENIUS Act》 was to treat stablecoins as zero-interest cash substitutes, isolating them outside the banking system. But profit-seeking capital has never been obedient, and loopholes and counterattacks are always part of the package.