# Сопутствующие статьи по теме Yield

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

2025 DeFi On-Chain Revenue $80 Billion Panorama: Half of Lending Demand Is Borrowing from Oneself

This analysis provides a comprehensive breakdown of the $8 billion in on-chain yields generated in DeFi in 2025. The five primary sources are: AMM trading fees ($4.2B), lending interest ($1.76B), perpetual funding rates ($300M), real-world assets ($600-900M), and staking/MEV rewards. A key finding is that approximately half of all borrowing demand is recursive, where users borrow to leverage other yield sources. The report highlights that 58% of stablecoin TVL yields less than 3% APY, below U.S. Treasuries. It also notes that significant potential yield sources like on-chain options and insurance remain underdeveloped. A case study of the Sky protocol (formerly MakerDAO) shows its success in offering a 3.75% savings rate by sourcing ~70% of its yield from off-chain, real-world assets.

marsbit03/26 06:06

2025 DeFi On-Chain Revenue $80 Billion Panorama: Half of Lending Demand Is Borrowing from Oneself

marsbit03/26 06:06

CLARITY Act Rewrites DeFi's Fate: Circle Feasts, DeFi Tokens Bleed

The CLARITY Act proposes significant regulatory changes for stablecoins and DeFi, fundamentally redefining them as payment tools rather than interest-bearing assets. This shift prohibits platforms from offering yield to stablecoin holders, effectively ending the narrative of stablecoins as savings products. Circle (CRCL) emerges as a structural beneficiary, likely to see increased USDC adoption and improved profit margins as yield distribution to users is restricted. However, its growth may depend heavily on continued USDC expansion. In contrast, DeFi tokens like UNI, AAVE, COMP, and others face significant headwinds due to potential compliance requirements, reduced flexibility, and limitations on stablecoin usage in DeFi protocols. Maker (MKR) is positioned as an exception, benefiting from its yield-generating model through real-world assets and a semi-compliant structure. Meanwhile, Tether's potential move toward greater transparency could intensify competition for Circle but validate the stablecoin model overall. The act accelerates a trend of value redistribution from crypto-native channels (e.g., Coinbase, DeFi protocols) to regulated financial infrastructure, with winners including Circle, MKR, and custody providers like BitGo, while many DeFi assets face structural downside risks.

Odaily星球日报03/26 05:41

CLARITY Act Rewrites DeFi's Fate: Circle Feasts, DeFi Tokens Bleed

Odaily星球日报03/26 05:41

Why 21Shares believes ‘passive strategies’ for crypto ETFs are outdated

21Shares President Duncan Moir argues that passive 'HODL' strategies for crypto ETFs are becoming outdated. Instead, the firm advocates for active management to capture yield and diversification opportunities in the growing asset class. Key strategies include yield-generating products like a preferred stock ETP offering an 11.5% dividend, staking rewards in ETFs, and thematic offerings such as a Bitcoin-and-gold ETP. While U.S. investor interest remains focused on large coins, European institutions are exploring newer assets and application layers. Despite a decline in total crypto ETF AUM to $130 billion, active strategies aim to drive future demand.

ambcrypto03/26 04:01

Why 21Shares believes ‘passive strategies’ for crypto ETFs are outdated

ambcrypto03/26 04:01

The CLARITY Act Could Kill Stablecoin Yield – Here Is Where the Money Goes Instead

The CLARITY Act's proposed ban on stablecoin yield is causing significant market shift, as evidenced by Circle's (USDC) 18% value drop, erasing $4.6 billion. This legislative move aims to separate stablecoins' dual functions—yield generation and utility—by restricting passive returns. The report argues this won't eliminate yield demand but redirect it to DeFi, tokenized Treasuries, or offshore markets. Meanwhile, stablecoins may evolve into pure utility tools for payments, settlement, and collateral, with on-chain data showing active addresses at all-time highs, indicating sustained capital movement and usage.

bitcoinist03/25 22:01

The CLARITY Act Could Kill Stablecoin Yield – Here Is Where the Money Goes Instead

bitcoinist03/25 22:01

Stablecoin Yield Off The Table? Crypto Leaders Review CLARITY Act’s Latest Text

In a closed-door Capitol Hill meeting, crypto industry leaders reviewed the latest draft of the CLARITY Act, a long-awaited crypto market structure bill. The new text explicitly prohibits digital asset service providers—including exchanges, brokers, and affiliates—from offering any form of yield on stablecoin holdings that resembles a bank deposit. This aims to address banking industry concerns about financial risks. The proposal does, however, allow rewards based on specific user activities—such as loyalty, promotional, or subscription programs—provided they are not economically equivalent to interest. Regulatory agencies including the SEC, CFTC, and Treasury would have one year to define acceptable rewards and establish anti-evasion rules. Reactions within the crypto industry are mixed. Some view the language as overly restrictive and vague, potentially allowing future regulators to broadly interpret the “economic equivalence” standard. Others see it as a balanced compromise that preserves transaction-based incentives while clearly distinguishing stablecoins from interest-bearing accounts. Banking representatives are set to review the draft next.

bitcoinist03/25 10:32

Stablecoin Yield Off The Table? Crypto Leaders Review CLARITY Act’s Latest Text

bitcoinist03/25 10:32

Double Whammy: Circle's Growth Logic Is Being 'Dismantled' Simultaneously by Legislation and Competitors

U.S. stablecoin issuer Circle (CRCL) experienced its largest single-day drop, falling over 20% on March 24, following the leak of a draft version of the Clarity Act. The bill aims to prohibit digital asset service providers from paying yields—directly or indirectly—on stablecoin holdings, including any structure “economically or functionally equivalent to interest.” This directly impacts Circle’s key partner Coinbase, which currently shares most of the reserve interest earnings from USDC holdings with users through its “USDC Rewards” program. The proposed rule could significantly slow USDC’s growth, which has been partly driven by its use as a high-yield savings alternative. Without yield incentives, demand for USDC may decline, undermining Circle’s revenue model built on scale expansion. On the same day, rival Tether announced it had hired a Big Four accounting firm to conduct a full financial audit—including its USDT reserves. This move enhances Tether’s credibility and could diminish Circle’s competitive edge in transparency and compliance, which had previously driven its growth. The draft legislation reinforces a regulatory stance that stablecoins should function primarily as payment instruments rather than interest-bearing assets, challenging Circle’s core growth strategy.

marsbit03/25 09:05

Double Whammy: Circle's Growth Logic Is Being 'Dismantled' Simultaneously by Legislation and Competitors

marsbit03/25 09:05

Strategy Watch #2

Strategy Watch #2 provides institutional analysis of digital asset fund performance and allocation trends. The report covers six key areas: institutional capital flows, fund performance, macro strategies, on-chain vault returns, manager sentiment, and allocation updates. In February and early March, Bitcoin and Ethereum saw significant net outflows (-$9.6B and -$3.2B respectively), while stablecoins attracted inflows (+$6.2B), suggesting a defensive shift toward lower-risk assets. BTC ETF flows turned positive in March, though institutional conviction remains cautious. DeFi Total Value Locked (TVL) on Ethereum declined sharply, with peak outflows of -$23.7B in February, indicating reduced participation in on-chain yield strategies. CME basis yields continued to tighten, reflecting lower institutional leverage and softer derivatives demand. The report also highlights performance trends, with only one strategy type generating positive returns in February. Over 300 managers shared their three-month market outlook, and a new $750M fund of funds was announced.

insights.glassnode03/24 18:20

Strategy Watch #2

insights.glassnode03/24 18:20

Circle stock drops nearly 20% as stablecoin yield restrictions spark concern

Shares of Circle Internet Group (CRCL) fell nearly 19% on March 24, dropping from an intraday high of around $127 to approximately $102. The sharp decline followed a strong rally earlier in March and was accompanied by high trading volume, indicating a shift in investor sentiment. The sell-off appears linked to emerging regulatory concerns, particularly a draft legislative proposal that could prohibit platforms from offering yield or interest-like rewards for holding stablecoins. This restriction, which targets both direct and indirect incentives, may impact Circle’s USDC stablecoin growth and user engagement. The proposal would still permit activity-based rewards but could reduce stablecoins' competitiveness against traditional financial products. The move underscores the sensitivity of crypto equities to regulatory developments.

ambcrypto03/24 18:02

Circle stock drops nearly 20% as stablecoin yield restrictions spark concern

ambcrypto03/24 18:02

Strive CSO Says Saylor ‘Struck Oil’ With STRC As Bitcoin Buys Surge

Strive Asset Management's CSO Avik Roy stated that Michael Saylor's MicroStrategy has "struck oil" with its STRC preferred equity offering, calling it a breakthrough in funding Bitcoin acquisitions. Roy explained that STRC offers yield-seeking investors a stable-value product with limited downside volatility, while providing MicroStrategy a scalable capital channel to accumulate more BTC. He described Bitcoin as a "virus" infecting traditional finance, enabling credit creation atop Bitcoin collateral. MicroStrategy raised approximately $1.56 billion through STRC in recent weeks, purchasing over 41,000 BTC. Roy emphasized that continued Bitcoin appreciation is crucial for the model’s long-term success.

bitcoinist03/24 08:01

Strive CSO Says Saylor ‘Struck Oil’ With STRC As Bitcoin Buys Surge

bitcoinist03/24 08:01

Crypto Vs. Banks: Key CLARITY Act Meetings This Week And What They Could Decide

Negotiations on the CLARITY Act, a key crypto market-structure bill, are nearing completion, though final language remains undisclosed. Senator Cynthia Lummis stated talks are "99% resolved" on stablecoin yields, a central issue where banks fear deposit flight and crypto firms seek viable yield options. A reported White House compromise with senators may limit yield on idle balances to address banking concerns. Crypto and banking groups are meeting with the Senate Banking Committee this week to review the draft. Unresolved areas include DeFi, token classification, and tokenization. A committee markup is anticipated in mid-to-late April.

bitcoinist03/24 06:36

Crypto Vs. Banks: Key CLARITY Act Meetings This Week And What They Could Decide

bitcoinist03/24 06:36

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