Last time I was in Hong Kong, I chatted with Kimi about the issue of stablecoins earning interest. This time, the U.S. compliance for stablecoins essentially completes the hard peg of stablecoins.

One aspect of the hard peg is that USD stablecoins are equivalent to USD, so earning interest is a very important part. Currently, apart from Coinbase and Kraken, I know that the earnings from USDC are unrelated to lending, while the interest on stablecoins from platforms like Binance and OKX is essentially related to lending.

So how do interest-earning stablecoins operate? That's the question. If it's on an exchange, it's fine. For example, Coinbase allows you to earn interest just by holding USDC, without needing to stake or take any action, and you can withdraw at any time. Of course, Coinbase's essence is to achieve earnings based on the T-Bills (short-term U.S. Treasury bonds) held against USDC.

However, if it's on-chain, USDC cannot directly earn interest. Therefore, interest-earning stablecoins either need to have independent applications or wallets where interest can be earned directly within that application, or they can implement solutions like Rebasing on the protocol, or achieve it through exchange rates. But essentially, they all allow users to escape the banking system through low-risk (close to zero risk) and high-yield methods.

For example, the stable yield of USDC can now reach an annualized rate of 4.5%. When #Binance has a LaunchPool, you can transfer USDC into it, maximizing profits. Moreover, with the collaboration between Binance and USDC, it is very likely that you can directly earn the same USDC income based on T-Bills in Binance as you would on Coinbase.

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