# Сопутствующие статьи по теме Stablecoins

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

YouTube Will Become the Next Neobank

The article argues that YouTube is poised to become the next major neobank, not by becoming a licensed bank, but by embedding financial services directly into its platform. Successful neobanks like SoFi, Monzo, and Nubank historically found success by targeting specific weaknesses in traditional banking, such as high fees or poor credit scoring. However, the author contends that with the commoditization of banking infrastructure through stablecoins, the key differentiator is no longer just the product but the platform itself. Platforms like YouTube, Twitch, Uber, and TikTok possess a deep, data-rich relationship with their users. They have real-time insights into creators' cash flow, growth trajectories, and earnings, enabling them to underwrite credit and offer financial products in ways traditional banks cannot. By bundling banking services like accounts, cards, and loans directly where income is generated, these companies can capture value that currently leaves their ecosystem via traditional payment rails. The piece concludes that the future of neobanking lies not in standalone apps, but as a feature integrated into the platforms that are the source of users' income.

marsbit04/15 03:57

YouTube Will Become the Next Neobank

marsbit04/15 03:57

Behind the Circle Freeze Controversy: Where Are the Power Boundaries of Dollar Stablecoins?

The recent controversy surrounding Circle's freezing of 16 unrelated business wallets, as publicly criticized by on-chain investigator ZachXBT, has ignited a critical debate about the power and boundaries of centralized dollar stablecoin issuers. This incident, occurring alongside Tether's simultaneous unfreezing of previously blacklisted addresses, highlights a fundamental question: who controls the stablecoins users believe they own? The core issue extends beyond a single error. A mistaken freeze can disrupt entire payment flows, preventing users from moving funds and triggering compliance alarms at exchanges. With USDT and USDC dominating over 82% of the stablecoin market, the reality is that most "on-chain dollars" are centralized, subject to freezing, and can be intervened with by their issuers. This event shifts the industry discussion from technical concerns to questions of power and accountability: Who has the authority to freeze funds? What are the public justifications? How is transparency ensured? And what recourse exists for those wrongly affected? Ultimately, the incident underscores that dollar stablecoins are not unregulated digital cash but financial instruments operating within a gray area of centralized control. As stablecoins become critical infrastructure for global value transfer, the power to freeze assets must itself be constrained and held accountable.

marsbit04/14 10:35

Behind the Circle Freeze Controversy: Where Are the Power Boundaries of Dollar Stablecoins?

marsbit04/14 10:35

The True Target of Hong Kong's 'Open Scheme' Was Never Stablecoins

Hong Kong's recent issuance of the first stablecoin licenses to HSBC and Standard Chartered—while excluding strategic players like Bank of China Hong Kong—has sparked market disappointment. However, this move may be a deliberate “managed failure” designed not to promote a commercial stablecoin industry, but to advance the government’s broader financial infrastructure goals. The licensed banks, with limited commercial incentive, are effectively subsidizing the development of user education, technical infrastructure, and regulatory frameworks. Their participation ensures that Hong Kong can build the ecosystem needed for its central bank digital currency (e-HKD) without direct public investment. Key narratives around stablecoin use cases—cross-border payments, RWA tokenization, and retail consumption—are structurally flawed and unsustainable in Hong Kong’s context. Instead, the licensing framework serves as a tool to channel private sector resources into developing a state-controlled digital clearing system. The ultimate aim is to reclaim monetary clearing sovereignty amid global shifts toward CBDCs and digital monetary competition. While surface-level Web3 excitement fades, Hong Kong is positioning itself to compete as a next-generation financial hub with a modernized, sovereign financial infrastructure.

marsbit04/14 07:14

The True Target of Hong Kong's 'Open Scheme' Was Never Stablecoins

marsbit04/14 07:14

Why Does Iran Prefer Stablecoins as the Currency for Transit Through the Strait of Hormuz?

Iran's Islamic Revolutionary Guard Corps (IRGC) has reportedly begun charging vessels a transit fee—reportedly around $1 per barrel of oil—for safe passage through the Strait of Hormuz. Although initial statements mentioned Bitcoin, analysis suggests stablecoins are more likely to be used, aligning with Iran’s established pattern of using dollar-pegged stablecoins for large-scale, sanctions-evading trade. The IRGC’s crypto activity, which accounted for nearly half of Iran’s $7.8 billion crypto ecosystem in Q4 2025, heavily relies on stablecoins for oil sales and illicit financing. This move introduces significant sanctions risks for shipping companies, as payments to Iran may violate international sanctions. Stablecoin issuers, regulators, and law enforcement are urged to identify and freeze IRGC-linked wallets to disrupt these flows.

marsbit04/13 10:43

Why Does Iran Prefer Stablecoins as the Currency for Transit Through the Strait of Hormuz?

marsbit04/13 10:43

A Collective Consensus Called Decentralization

The article "A Collective Consensus Called Decentralization" critiques the gap between the ideological promise of decentralization in the crypto industry and its practical reality. While Bitcoin’s original vision proposed a trusted, peer-to-peer financial system free from central control, the author argues that the industry has largely evolved into a performance of decentralization" rather than a true commitment to it. Key examples illustrate this shift: Bitcoin mining is now dominated by a few large mining pools; stablecoins like USDT and USDC—which are centralized, bank-reliant, and allow wallet freezes—account for over 90% of the market; platforms like Hyperliquid operate with centralized decision-making despite decentralized branding; and prediction markets like Polymarket prioritize utility over ideology. The author distinguishes between two layers: the infrastructure layer (prioritizing efficiency and often openly centralized) and the protocol layer (like Bitcoin and Ethereum, which retain structural decentralization). Ultimately, economic incentives drive centralization, as users prefer functional products over pure principles. The piece concludes by calling for honesty: if a project is centralized, it should say so—users can handle the truth but will eventually reject the hypocrisy.

marsbit04/13 06:00

A Collective Consensus Called Decentralization

marsbit04/13 06:00

Bitcoin Capital Rotation Trend Shows Rare Signal For First Time This Bear Market

The Bitcoin price has slowed down after recent gains, slipping below $73,000. According to on-chain analyst Darkfost, a rare capital rotation trend is occurring for the first time this bear market. The Capital Rotation Net Position Change metric shows Bitcoin's realized cap hit a low of -$28.7 billion in late February, while stablecoin market cap increased by over $6 billion, indicating a flight to safety. Recently, Bitcoin's realized cap recovered to -$3 billion as stablecoin capitalization declined to -$1 billion, suggesting investors are gradually returning to risk assets like Bitcoin. This shift began during peak uncertainty around the Iran conflict, implying some investors may be using Bitcoin as a hedge against inflation and macroeconomic risks. Currently, Bitcoin is trading around $72,800, up over 8% for the week.

bitcoinist04/12 15:32

Bitcoin Capital Rotation Trend Shows Rare Signal For First Time This Bear Market

bitcoinist04/12 15:32

US Stablecoins Welcome New Regulations: Interpreting the FDIC Draft, How Bank-Issued Stablecoins Should Operate According to the Rules

The FDIC has released a proposed rule in April 2026 to implement the GENIUS Act, establishing clear guidelines for FDIC-supervised banks and their subsidiaries issuing payment stablecoins. Key provisions mandate that stablecoins must be fully backed 1:1 by high-quality, liquid reserve assets, with segregated reserves for different brands. Redemptions must be processed within two business days (T+2), and issuers are prohibited from paying interest to holders or implying federal deposit insurance coverage. The draft rules also define permitted activities, capital and liquidity requirements, and mandate detailed monthly public disclosures of reserve composition, supplemented by weekly confidential reports to the FDIC and third-party audits. This framework aims to ensure safety, prevent misleading practices, and solidify the regulatory landscape for bank-issued stablecoins, favoring established institutions with strong compliance capabilities. The proposal is open for public feedback until June 9.

marsbit04/12 07:09

US Stablecoins Welcome New Regulations: Interpreting the FDIC Draft, How Bank-Issued Stablecoins Should Operate According to the Rules

marsbit04/12 07:09

In a Losing Bear Market, Who Is Quietly Making a Fortune?

In a bear market where most crypto participants are losing money, a few projects continue to generate significant revenue. A look at Defillama’s revenue rankings reveals that profitable projects share simple and clear revenue models, which fall into two main categories: spread and transaction fees. Spread-based revenue models, used by entities like Tether, Circle, Aave, and Lido, act as capital intermediaries. They profit from the difference between lower funding costs and higher returns from deployed capital, relying on the scale and duration of capital deposits. Transaction fee models, employed by platforms such as Hyperliquid, Polymarket, pump.fun, Aerodrome, and Jupiter, generate income by charging fees on trading activities. Their earnings depend on the size and frequency of transactions. Notable cases include Grayscale (traditional asset management fees), Chainlink (data service fees), and Titan Builder (which profited unusually from a major arbitrage incident). The analysis concludes that sustainable profitability in a bear market comes from straightforward revenue models combined with sophisticated product execution and operational excellence.

marsbit04/10 08:56

In a Losing Bear Market, Who Is Quietly Making a Fortune?

marsbit04/10 08:56

In a Losing Bear Market, Who Is Quietly Making a Fortune?

Amid a prolonged bear market where most crypto participants are losing money, a few projects continue to generate significant revenue. A closer look at Defillama’s revenue rankings reveals that profitable projects share simple and clear revenue models, primarily falling into two categories: spread income and transaction fees. Spread-based revenue models involve acting as capital intermediaries—absorbing funds at lower costs and deploying them at higher yields. Examples include stablecoin issuers like Tether and Circle, which earn from interest on reserve assets like U.S. Treasuries; lending protocols such as Aave, which profit from the spread between borrowing and deposit rates; and liquid staking services like Lido, which retain a portion of staking rewards as fees. Transaction fee models generate revenue by taxing activities like trading, token creation, or other on-chain actions. Platforms such as Hyperliquid and EdgeX (perpetual trading), Polymarket (event prediction), pump.fun and GMGN (meme trading), Aerodrome and Jupiter (spot trading), as well as Phantom (via swap fees) and NFT marketplaces like Courtyard and Fragment, all rely heavily on transaction fees. Notable exceptions include Grayscale (traditional asset management fees), Chainlink (oracle data service fees), and Titan Builder (which profited unusually from a large MEV capture incident). The key insight is that sustainable profitability in a bear market comes from straightforward revenue models combined with sophisticated product execution, liquidity management, and user engagement—not complex or high-risk strategies.

Odaily星球日报04/10 08:48

In a Losing Bear Market, Who Is Quietly Making a Fortune?

Odaily星球日报04/10 08:48

Treasuries and yield funds – Is this the next phase of tokenization?

Tokenized finance is experiencing significant growth, with BNB Chain's tokenized asset market cap reaching a record $16.6 billion, more than doubling year-over-year. The broader tokenized funds market has expanded to $31.9 billion, driven primarily by yield-bearing products rather than simple stablecoins. While Tether and USDC remain the largest issuers, faster growth is occurring among smaller players like Ondo Finance, Maple Finance, and Centrifuge. The trend highlights a shift beyond cash proxies toward income-generating on-chain assets, signaling a new phase in asset tokenization.

ambcrypto04/10 05:05

Treasuries and yield funds – Is this the next phase of tokenization?

ambcrypto04/10 05:05

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