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How Do Stablecoins Touch the Most Profitable Nerve of Banks?

U.S. banks are fiercely opposing interest-bearing stablecoins, not because they cause deposit outflows, but because they threaten the core profitability of large commercial banks. When funds flow into stablecoins like USDC, the money eventually returns to the banking system as reserves held in cash or short-term liquid assets. The real concern is the total amount of deposits, but a shift in deposit structure. Large U.S. banks rely heavily on "low-rate banking," where they hold massive amounts of non-interest or ultra-low-interest transaction deposits (used for payments, transfers, and settlements). These deposits are extremely cheap for banks, costing only 0-11 basis points in interest, while the Fed funds rate is 3.5%-3.75%. This spread, along with transaction fees, generates over $360 billion in annual revenue for banks. Interest-bearing stablecoins directly compete with these transaction deposits. If stablecoins offer yield, users may move funds from traditional bank transaction accounts into stablecoins for both utility and returns. Although the money remains in the banking system, stablecoin issuers would likely place most reserves in higher-yielding non-transaction accounts, forcing banks to pay market rates for these funds. This erodes banks' profit margins and reduces their fee income from payment services. The battle over the CLARITY法案 revolves around this profit redistribution. Banks want to ban all forms of yield on stablecoins to protect their lucrative low-cost deposit base and dominant position in the payment ecosystem.

比推01/19 14:58

How Do Stablecoins Touch the Most Profitable Nerve of Banks?

比推01/19 14:58

One Piece of Content Attracts 150 Million Views, Revealing the Monetization Code of the Super Individual Business

Dan Koe, a prominent creator in the "super individual" or one-person business space, gained massive attention with a viral post titled “How to fix your entire life in 1 day,” which reached 150 million views on X. Despite earning only $4,495 in platform revenue from the post, his actual income stems from a diversified business model that includes paid newsletters, books, and an AI tool called Eden. In 2024, he reported earning over $4 million annually. Koe’s content targets individuals seeking financial independence through personal branding and content creation. His success is built on years of consistent content output and a relatable narrative of failure and persistence. While his viral article served as a top-of-funnel audience builder, his real revenue comes from converting followers into paying customers through premium products. The article also discusses how platforms like X are incentivizing long-form content to compete with short-video platforms, offering financial rewards to boost creator engagement. However, the surge in AI-assisted content creation has led to widespread imitation of Koe’s style, though few achieve similar success due to the importance of trust, timing, and existing audience size. Ultimately, the "super individual" economy benefits a small number of established creators, while most followers remain consumers rather than successful practitioners.

比推01/19 14:28

One Piece of Content Attracts 150 Million Views, Revealing the Monetization Code of the Super Individual Business

比推01/19 14:28

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