⚡Good News: The first federal regulation on stablecoins in the United States, the "GENIUS Act," has officially been implemented. This is the first time the federal government has recognized the legal existence of stablecoins—

1️⃣ Clear Compliance: Stablecoins must have a 1:1 dollar or short-term debt reserve and publicly disclose asset composition monthly.

2️⃣ Cutting off the lifeline for yield-generating stablecoins: Earning interest is not allowed; they cannot generate money like banks or DeFi protocols, nor can they engage in disguised yield designs.

Traditional stablecoins can no longer generate yields, so what should users do if they still want returns? — They can only seek solutions on-chain.

Thus, the yield logic has been separated out, allowing DeFi (especially native interest rate markets) to take on the role of passive income sources again!

✅ Positive Outlook 👉🏻 On-chain DeFi native yield protocols

Pendle: The largest structured yield protocol, designed for stablecoins, providing on-chain yield rate splitting and future yield trading.

Morpho, Spark, Aave, Compound: These protocols offer on-chain lending rates and staking yields, serving as natural outlets for interest rate differentials in the future.

❌ Negative Outlook 👉🏻 CeFi yield-generating stablecoins & pseudo DeFi projects

Projects that focus on stablecoins + annualized returns to attract users, especially those without transparent reserves and legal endorsements, may be classified as illegal financial product issuances.

Some RWA projects that use stablecoins as vehicles to earn fixed returns: If they cannot meet compliance requirements such as 1:1 and auditability, they may be blocked.

UST serves as a cautionary tale, so the "GENIUS Act" directly regulates with a one-size-fits-all approach:

If you want to be a dollar, then be honest and don’t engage in interest. If you want to earn interest, then don’t disguise it as a stablecoin!

DeFi's second spring is truly coming!

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