$STBL
I read a wonderful article and wanted to share it.
The important perspective here is that
"STBL's success may be decided not by technology but by just a few words in the law."
That's what it means.
First, let's organize STBL.
Traditional stablecoins (1.0) can
"hold the dollar"
but the yield from that holding goes to the issuing company.
For example, with USDT the holder does not receive the reserve earnings; Tether Inc. does.
On the other hand, STBL (2.0) is designed to
"hold the dollar while also returning the yield to the holder."
Therefore the founder promotes the slogan:
"Hold the dollar, keep the yield."
(hold the dollar and keep the yield as your own)
However, legal issues arise here.
In the United States the GENIUS Act already prohibits
"paying interest simply for holding a stablecoin."
STBL, however, uses a design that separates "stablecoin" from "yield."
In other words,
- STBL itself is a stablecoin that does not pay interest
- The yield is managed and distributed via a separate token
This structure.
The key point is the CLARITY bill, Section 404.
The current draft prohibits
"rewards received merely for holding"
while leaving room for "activity-based rewards."
It is precisely this wording –
"activity-based rewards"
that could be extremely important for STBL.
At the same time, U.S. banking groups are urging Congress to tighten the language even further.
The reason is simple.
If a product that allows you to "hold dollars and also receive yield" becomes widespread,
funds could flow out of bank deposits.
In other words, the banking industry is trying to change the legal wording itself.
Thus, what truly may determine STBL's future is
what language ultimately remains in Section 404 of the bill.
Not market or price, but a few words in the law could decide the project's future.
Viewing the project from this perspective,