Recently, there has been a noteworthy development. Staff from the U.S. Senate Banking Committee have engaged in multiple rounds of discussions with the crypto industry, with one core issue being how to set the yield rules for stablecoins.

Traditional financial institutions have been pushing for adjustments in this area, and their demands surprisingly received responses during bipartisan negotiations. Senator Angela Alsobrooks proposed a specific plan—limiting the applicability of stablecoin yields to "trading scenarios," rather than directly tying them to "deposit balances."

This approach sounds quite feasible. Once such a policy framework is implemented, it will have a significant impact on the use cases of stablecoins and the definition of their financial attributes. It also reflects that regulators are actively seeking a balance that can protect consumers without overly restricting innovation.