Is a yield-bearing stablecoin an innovation or a "shadow deposit"?

The discussion around stablecoin yields is becoming increasingly heated, with banks maintaining communication with the White House. Behind the scenes, this is essentially a redefinition of financial boundaries.
When stablecoin issuers start offering yields, they are fundamentally touching on core banking activities—raising funds and distributing profits. If the scale is small, it's not a big issue; but once it grows large, it will be viewed as a "shadow banking" entity.
Banks are concerned about systemic risk. If the assets backing stablecoins fluctuate, could it trigger a bank run? Could it impact dollar liquidity? These questions force policymakers to plan ahead.
From an innovation perspective, yield-bearing stablecoins improve capital efficiency. On-chain assets can generate returns without leaving the ecosystem, which is beneficial for the DeFi ecosystem.
The key to this game is the regulatory framework. If rules are clear, banks might choose cooperation over confrontation. After all, in financial history, it’s common for traditional institutions and emerging technologies to evolve from competition to integration.
A joke: Stablecoins want to be "financial products," banks say "get certified first," and the White House says "write the rules first."#深度创作营