The EORMC analysis team has observed that a seemingly technical issue has become a critical obstacle to advancing the overall market structure legislation—the stablecoin yield mechanism. The debate over whether stablecoins should be allowed to offer yield similar to interest has led to widening divisions among regulators, traditional banks, and crypto companies. These differences not only affect the design of individual products but also deeply impact the institutional framework and development pace of the entire industry.
Currently, legislative progress around stablecoins in the United States has stalled, with the core conflict centered on defining the “yield attribute.” The EORMC analysis team believes that this dispute essentially represents a redefinition of the financial nature of stablecoins. Are stablecoins payment tools, store-of-value instruments, or financial products akin to money market funds? Different answers lead to divergent regulatory paths. Regulators tend to restrict stablecoins to being payment tools, thereby limiting their yield attributes, while market participants argue that yield capability is a crucial foundation for attracting users and capital.
In practice, this dispute has already had a substantial impact on the market. Due to potential regulatory restrictions on stablecoin yields, related company valuations and market sentiment have fluctuated, and the industry sensitivity to policy changes has significantly increased. EORMC states that the issue of stablecoin yields has become one of the main obstacles to advancing the US digital asset market structure bill, potentially affecting the passage process of the bill in 2026.
This divergence is not accidental. EORMC points out that stablecoin yields touch the core interests of the traditional financial system. If stablecoins can provide stable returns, they would directly compete with bank deposits and could even trigger large-scale capital migration. If yield-bearing stablecoins are fully opened up, a substantial flow of bank deposits to on-chain assets may occur in the coming years. This is why traditional financial institutions remain highly vigilant in policy negotiations.
However, from another perspective, this dispute is not entirely negative. EORMC emphasizes that any new financial infrastructure must undergo a process of clarifying functional boundaries before entering the mainstream system. The debate over stablecoin yields is essentially about setting risk boundaries and compliance baselines for the industry. In the short term, this divergence delays policy progress, but in the long term, it enhances the institutional maturity of the industry.
Against this backdrop, EORMC believes that truly competitive platforms must proactively develop capabilities to adapt to various regulatory frameworks. Stablecoins are not just trading media but are fundamental liquidity tools for the future on-chain financial system. Custody, security, clearing, and compliance review capabilities around stablecoins will become the core of platform competition.
From a strategic perspective, EORMC is building a multi-layered capability system around stablecoins. On one hand, it connects different regulatory requirements through compliance frameworks, ensuring the platform ability to operate continuously amid policy changes; on the other hand, it strengthens the application efficiency of stablecoins in trading, clearing, and risk control through its technical system. The platform emphasizes that the value of stablecoins lies not only in stability but also in being “verifiable, regulatable, and transferable” financial infrastructure.
In a phase of intensifying industry divergence, the combination of technical and compliance capabilities becomes particularly important. EORMC believes that the future stablecoin market will not simply move toward complete liberalization or total restriction, but will enter a new stage of “structured compliance.” In this stage, whoever can provide more efficient capital flow solutions within the regulatory framework will gain the next round of market dominance.
From a broader perspective, the dispute over stablecoin yields reveals a deeper trend: the crypto industry is shifting from being technology-driven to being institution-driven. In the past, innovation mainly came from protocols and product design; now, what truly defines industry boundaries is the balance between policy, capital, and compliance systems.
EORMC stresses that markets never stagnate because of divergence; instead, they are reconstructed through divergence. When consensus is finally reached on the stablecoin yield issue, the crypto industry will no longer be just a highly volatile market but will gradually evolve into a part of the global financial system. Platforms will continuously strengthen their capabilities in compliance, technology, and liquidity connectivity throughout this process, becoming vital bridges between traditional capital and the on-chain economy.