On-chain interest vs. traditional interest, which is more attractive?

After stablecoin yields became a focus, the market suddenly realized that "passive income" can also be on the blockchain. The dialogue between banks and the White House is essentially a contest over interest rate influence.
Traditional banks profit from the interest rate spread, while if stablecoins directly distribute earnings to holders, it could weaken this model. Especially in a high-interest-rate environment, yield-generating stablecoins become more attractive.
However, stablecoins also have their own risks: transparency of issuers, safety of reserve assets, liquidity management, and more. If regulation is lacking, yields could turn into risk premiums.
From a policy perspective, the concern is more about macroeconomic impact. If a large amount of funds flow from banks to on-chain assets, could it affect the credit market? That’s why the dialogue continues.
Humorous summary: On-chain says "yield freedom," banks say "safety first," and the White House says "Stop arguing, I’m drafting the bill."#深度创作营