Stablecoin yields—we can't just focus on the final APY. Even if users receive the same reward, the underlying rules can be completely different: whether it's the stablecoin issuer directly paying interest, a trading platform offering incentives, or a DeFi protocol generating returns through fund allocation, these mechanisms are not the same. The implementation rules of the U.S. GENIUS Act have once again brought the boundaries between issuers and trading platforms into the spotlight. When evaluating policies like this, we can't simply translate 'issuer restrictions' into 'all platform rewards are banned,' nor can we interpret it the other way around as all yield products being officially recognized by regulators. We need to break this down into three questions: 1. Who's paying the money? 2. What mechanism generates the yield, and who bears the corresponding risks? 3. What kind of rights are users receiving? Are there limitations in terms of redemption, liquidity, or credit? Yield rates are the result, not a damn risk disclosure. In this market, products with similar names can have vastly different underlying risks. Figure out where the money comes from first, then talk about how much yield there is. @circle @tether Official U.S. OCC source ⬇️⁠ https://www.occ.gov/index.html