# Сопутствующие статьи по теме Competition

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Competition", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

NYSE Plans to Launch 24/7 Tokenized Stock Trading, Leaving "Competitors" Stunned

NYSE plans to launch a 24/7 tokenized stock trading and on-chain settlement platform, a move seen as a direct response to Nasdaq's similar application submitted last September. The proposed platform would allow round-the-clock trading of U.S. stocks and ETFs, fractional shares, stablecoin-based settlements, and instant settlement, while maintaining equal dividend and governance rights for tokenized stocks. NYSE's parent company ICE is also collaborating with major banks to develop tokenized deposit and clearing infrastructure. This initiative is viewed as a significant step in merging traditional finance with blockchain technology, potentially eliminating the distinction between crypto and traditional assets. While some industry experts welcome it as a major modernization that brings global accessibility and efficiency, others express concerns about increased market complexity, the impact on younger investors, and the potential marginalization of existing crypto RWA projects due to NYSE's massive liquidity advantage. The approval process by the SEC is expected to take until late 2026, leaving a window of opportunity for crypto-native platforms to leverage their strengths in areas like permissionless access and global liquidity.

Odaily星球日报01/19 15:15

NYSE Plans to Launch 24/7 Tokenized Stock Trading, Leaving "Competitors" Stunned

Odaily星球日报01/19 15:15

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

US Dollar At Risk? Stablecoin Yield Ban Gives Digital Yuan The Upper Hand: Scaramucci

Anthony Scaramucci warns that a proposed US ban on paying yield to stablecoin holders, as part of the Clarity Act, could undermine the dollar's global competitiveness. He argues this restriction makes dollar-linked digital payment systems less attractive compared to China's digital yuan, which is moving to pay interest on wallets. The bill has divided industry players, with banks supporting the measure to protect deposits and crypto firms opposing it, fearing it will drive users to alternatives offering returns. China's decision to allow interest on its digital currency aims to boost adoption. Scaramucci emphasizes that emerging economies may favor the digital yuan's yield-bearing system for trade and payments, posing a strategic challenge to the dollar's dominance.

bitcoinist01/19 13:32

US Dollar At Risk? Stablecoin Yield Ban Gives Digital Yuan The Upper Hand: Scaramucci

bitcoinist01/19 13:32

Musk's Million-Dollar Creative Bounty: The Revival of Long-Form Content and the Ambition for an Everything App

Elon Musk's X (formerly Twitter) has launched a "$1 Million Article Challenge" in early 2026, aiming to incentivize long-form content creation on the platform. This move comes amid growing competitive pressure from Meta’s Threads, which has surpassed X in global daily active users (DAU) and is rapidly closing the gap in the U.S. market. X’s advertising revenue has also significantly declined since Musk’s acquisition. The push for long-form content is strategic: X’s algorithm favors content that increases "user time well spent," and long articles naturally keep users engaged longer. This approach supports Musk’s vision of making X the "earth’s first news source" and provides high-quality training data for his AI project, Grok. Despite global trends toward fragmented reading, X is betting on a revival of in-depth content to boost platform stickiness and attract professional creators. This effort is part of a broader ambition to transform X into an "Everything App" like WeChat. However, X still lags far behind in user base, engagement time, and functional diversity. Musk’s anxiety is palpable as he races to enrich X’s ecosystem and realize his super-app vision.

marsbit01/19 11:11

Musk's Million-Dollar Creative Bounty: The Revival of Long-Form Content and the Ambition for an Everything App

marsbit01/19 11:11

White House is ‘super constructive’ – Coinbase CEO denies CLARITY Act clash

Coinbase CEO Brian Armstrong denies clashing with the White House over the CLARITY Act, calling the administration "super constructive." However, a major disagreement over stablecoin yield has stalled the bill. The proposed legislation would ban crypto platforms from offering interest on dollar-backed stablecoins, a measure banks argue prevents deposit flight and protects lending capabilities. Coinbase contends the rule unfairly protects traditional bank profits and limits competition. Despite pulling support, Armstrong remains optimistic about the Act’s prospects. The White House has warned that without consensus, it may abandon the bill altogether. Prediction markets currently give the legislation a 52% chance of passing by 2026.

ambcrypto01/19 11:04

White House is ‘super constructive’ – Coinbase CEO denies CLARITY Act clash

ambcrypto01/19 11:04

Why Must Banks Ban Stablecoin Yields?

The article "Why Banks Are Determined to Ban Yield-Bearing Stablecoins?" explores the ongoing debate around the U.S. cryptocurrency market structure bill (CLARITY), particularly the fierce opposition from large banks against interest-bearing stablecoins. Banks argue that such stablecoins could cause deposit outflows, but the author refutes this, explaining that funds used to purchase stablecoins like USDC ultimately flow back into the banking system as reserves held by issuers like Circle. The real concern for banks is not the total volume of deposits but a shift in deposit structure. U.S. major banks (e.g., Bank of America, JPMorgan Chase) rely heavily on "low-interest banking," where transaction deposits (used for payments, transfers) pay near-zero interest, creating a significant spread between deposit rates and the Fed’s benchmark rate. This model generates massive profits—over $360 billion annually from interest differentials and transaction fees. Stablecoins directly compete with transaction deposits by offering similar utility (payments, settlements). If stablecoins can generate yield, users may shift funds from bank transaction accounts to stablecoins to earn higher returns. While the money remains in the banking system (as stablecoin reserves), it moves from low-cost transaction deposits to higher-yield instruments, squeezing bank profit margins and reducing fee income. Thus, banks oppose yield-bearing stablecoins to protect their lucrative low-cost deposit base and maintain control over profit distribution, making it a central issue in the CLARITY legislative battle.

marsbit01/19 09:43

Why Must Banks Ban Stablecoin Yields?

marsbit01/19 09:43

Why Must Banks Ban Stablecoin Yields?

The article explores why U.S. banks are strongly opposing interest-bearing stablecoins, despite claims that such assets could cause bank deposit outflows. It argues that funds flowing into stablecoins like USDC do not leave the banking system—instead, they are held as reserves in highly liquid assets like cash or Treasury bills, which eventually return to banks. The real concern for large banks is not the total volume of deposits, but a shift in deposit structure. U.S. megabanks rely heavily on low-cost transactional deposits (used for payments and transfers), which pay near-zero interest. These deposits allow banks to profit from the spread between the Fed funds rate and what they pay depositors, as well as from transaction fees. Interest-bearing stablecoins threaten this model. They offer similar transactional utility but also provide yield, incentivizing users to move funds out of traditional bank transactional accounts. While the money may return to the banking system, it would likely be placed in higher-yielding deposit accounts, increasing banks’ funding costs. Additionally, stablecoins could disrupt banks’ fee income from payment services. The core issue is profit redistribution: stablecoins—especially those offering yield—could reduce banks’ low-cost funding advantage and erode their transaction revenue, explaining the fierce opposition to interest-bearing models in proposed legislation like the CLARITY Act.

Odaily星球日报01/19 09:26

Why Must Banks Ban Stablecoin Yields?

Odaily星球日报01/19 09:26

A 'Clarity Act': Why Has It Caused Such an Uproar in the Crypto World?

A historical perspective reveals that money has rarely been neutral—it inherently carries an expectation of return. From ancient Mesopotamia to modern banking, the principle that holding or lending money should yield compensation has persisted. Against this backdrop, stablecoins emerged, promising faster settlement, lower costs, and 24/7 availability within a borderless digital economy. However, the proposed U.S. CLARITY Act, combined with the already-passed GENIUS Act, seeks to prohibit stablecoin issuers from paying interest or rewards to holders, permitting only limited “activity-based rewards.” This has sparked intense opposition from both the crypto industry and banking sectors. Critics argue that the bill effectively reduces stablecoins to mere payment conduits rather than capital-optimizing assets, contradicting the historical function of money. Key concerns include unfair competition, as traditional banks can offer interest and rewards while stablecoin issuers are restricted. The bill also introduces ambiguities around decentralized finance (DeFi) and tokenized assets, potentially stifling innovation and pushing capital overseas. Prominent industry figures, including Coinbase CEO Brian Armstrong, have withdrawn support, stating they would prefer no legislation over a harmful one. The bill currently lacks sufficient congressional support, particularly from Democrats, and faces skepticism for reinforcing existing banking structures rather than fostering healthy competition. Ultimately, the debate highlights the challenge of regulating a form of money inherently designed for efficiency and competition, urging lawmakers to create rules that integrate rather than isolate digital assets.

比推01/17 00:08

A 'Clarity Act': Why Has It Caused Such an Uproar in the Crypto World?

比推01/17 00:08

Trump’s Emergency Energy Strategy Signals a Turning Point for Bitcoin Miners

Former President Trump's proposed emergency energy strategy aims to address rising U.S. electricity prices by having large companies, particularly AI data centers, fund new power plants through 15-year contracts. This could unlock $15 billion in new power generation, increasing supply and stabilizing costs. For Bitcoin miners, who rely on cheap electricity, this offers potential relief from current pressures where high energy prices and competition from AI firms are forcing many to transition to AI-related work. If implemented, the plan may slow this shift by making mining more economically viable again, though benefits would take years to materialize. The proposal ultimately shifts power expansion costs to tech giants, potentially helping miners remain competitive in the long term.

TheNewsCrypto01/16 11:48

Trump’s Emergency Energy Strategy Signals a Turning Point for Bitcoin Miners

TheNewsCrypto01/16 11:48

Just Spent 250 Million to Buy Companies, Then Laid Off 30%: Polygon Is Changing Its Way of Survival

Polygon, a major blockchain scaling solution, has laid off approximately 30% of its workforce while simultaneously spending $250 million to acquire two companies: Coinme, a licensed crypto-fiat exchange with an extensive US ATM network, and Sequence, a wallet infrastructure and cross-chain routing provider. This strategic pivot signals a shift away from its core Layer-2 (L2) business, where it faces intense competition from dominant players like Base, and toward building a comprehensive stablecoin payment infrastructure called the "Open Money Stack." The acquisitions provide critical pieces for this new direction: Coinme offers regulatory licenses and on-ramps/off-ramps, while Sequence provides the technical backend for seamless cross-chain transactions. The goal is to target B2B clients like banks and payment providers. This move is seen as a necessary "blood change." Polygon's previous strategy, focused on enterprise adoption and NFTs, yielded limited long-term results. In the crowded L2 space, it struggled against competitors with superior user distribution, such as Base, which is integrated with Coinbase's massive user base. The new focus on stablecoin payments is a promising but highly competitive market, with giants like Stripe, PayPal also making significant investments. While Polygon CEO claims this puts them in competition with Stripe, the company is betting on an open infrastructure model versus Stripe's more closed ecosystem. The strategy carries risks. Coinme has faced regulatory penalties in the past, and Polygon is entering a field with well-established traditional finance players. However, success could transform Polygon from a protocol reliant on tokenomics into a profitable company with real revenue streams, a rarity in crypto. The core challenge is that the window for crypto-native companies to capture this market is narrowing as traditional finance accelerates its adoption of blockchain technology.

marsbit01/16 04:54

Just Spent 250 Million to Buy Companies, Then Laid Off 30%: Polygon Is Changing Its Way of Survival

marsbit01/16 04:54

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