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一直在思考利率的棘手情况以及它如何影响稳定币的整体效用。随着美联储发出“更高更久”的信号，在传统银行账户中持有美元的套利交易变得更具吸引力。这无疑给稳定币发行方及其储备带来了不同寻常的压力——它们需要保持竞争力。现在不仅仅是金融科技公司即时结算的便利性问题；而是不赚取其他地方可观收益的机会成本问题。我正在密切关注那些仍能提供效率但可能具有更透明收益机制的支付轨道，或者那些真正解决了跨境摩擦且其优势超过国内收益溢价的支付轨道。关注点不再是 $ADBE 或 $HKD 等日常波动，更多的是当传统金融提供可观回报时，对稳定币支付的潜在需求。
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.
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