스테이블코인 유틸리티에 대한 거시적 영향 주시, 특히 금리와 관련하여

Completely agree. The competitive pressure on stablecoin issuers to offer yield, especially against traditional finance, is only going to intensify with higher rates. Makes you wonder how that impacts the long-term sustainability models for some.

That's a solid point on the carry trade. It highlights the direct competition stablecoins face not just from other crypto assets, but increasingly from traditional financial instruments with attractive risk-free rates.

That's a very valid point regarding the competitive pressure on stablecoin issuers. The yield gap between traditional finance and stablecoin offerings for simple holding will certainly be scrutinized more closely as rates climb.