OKG Research: BTC Plummets, SEC Compatibility

Figure markets recently obtained approval from the US Securities and Stock Exchange Committee (SEC) to launch the first Stablecoin Ylds. This step not only indicates that the American organizer recognizes the financial innovation of encryption, but also indicates that Stablecoins develops from a simple payment tool to the origin of compatible income. This may open more space for the imagination of the Stablecoin track, making it the next innovative field that can attract institutional funds widely after Bitcoin.

Why did SEC Ylds give green light?

In 2024, Tether, the source of Stablecoin USDT, has won a profit of $ 13.7 billion for the entire year, which exceeded the traditional giant Mastercard (about $ 12.9 billion). Its profits come mainly from the investment income resulting from the reserve assets (mainly the US Treasury bonds), but this has nothing to do with holders, and users cannot use USDT to obtain asset estimate and investment returns – this is exactly the breakthrough that Stablecoins sees to reach enough to subject the current situation.

 Tether’s Financial Report (2024)

The essence of Stablecoins lies in the “asset income rights”: under the traditional Stablecoin business model, users sacrifice the time value of the money in exchange for stability, but it can maintain the stability that carries to reach stability while allowing those pregnant to enjoy income directly through the distinctive symbol of income rights in the basic bells. More importantly, the carrier -carrying stablecoins has reached the pain point in the “silent majority”: although traditional stablecoins can also get an income through complex, complex and compliance risks that hinder the user use widely. However, Stablecoins like Ylds, which “earns interest by keeping coins”, makes capital income free of threshold and really realizes “the democratic character of income.”

Although the transfer of basic assets revenue will reduce the source profit, it also increases the interest of the benefits that carry stablecoins. At a time when the global economic environment is unstable and inflation levels remain high, both users in the series and traditional investors have an increasing demand for financial products that can generate stable returns. Products like Ylds, which can provide much higher returns than traditional bank interest rates, will undoubtedly become a “hot commodity” in the eyes of investors.

But these are not the main reasons for SEC. The main reason for Ylds is able to obtain the green light from the Supreme Education Council is that it surrounds the primary controversy of SEC and makes it compatible with the current securities laws in the United States . Since the systematic regulatory framework has not yet been presented, Stablecoins in the United States currently depends mainly on current laws, but many institutions including SEC and CFTC have different definitions of Stablecoins, in an attempt to obtain the dominant position in the organization Stablecoin. The struggle between the various organizational agencies and the differences in recognition between the organization and the market has led to a chaotic position in the organization of Stablecoins in the United States, making it difficult to form a basic consensus. However, the benefits bearing stablecoins such as Ylds that can generate income has a structure similar to traditional fixed income products. Even under the current legal framework, they clearly belong to the category of “securities” and there is no controversy. This is a prerequisite for interest -bearing Stablecoins such as Ylds to be organized by SEC.

But that also means that Although the approval of Ylds shows that the regulatory position of encryption in the United States continues to improve, organizational agencies including the Supreme Education Council actively adapt to advanced financial markets and encryption, and quickly organize Stablecoins from “active defense” to “active guidelines”. Short term. More changes are still needed to wait for the US Congress to official . Industry in general expects that the American Stablecoin Bill will be implemented gradually in the first years to 1.5 years.

However, YLDS distributes the benefits revenues to basic assets (mainly US Treasury bonds, commercial paper, etc.) to their owners through smart contracts, and the KYC strict verification mechanism is used to link the income distribution of compliance identity, which reduces organizational concerns about insult. These compliance designs provide a reference for other projects similar to the request for organizational approval. In the next 1-2 years, we may see Stablecoin products more complied, and forcing more countries and regions to consider the need to develop and organize Stablecoins. For regions such as Hong Kong and Singapore that have already provided Stablecoin regulations and most of them are Stablecoins Payment tools, when StableCoins has access to access that has a clear securities features, as well as modifying the current regulatory system.

Stablecoins, carrying interests, will accelerate the institutionalization of the encryption market

SEC’s approval on Ylds does not clarify openness and friendliness in the American list at this stage, but also indicates that in the prevailing financial context, Stablecoins may develop from “monetary alternatives” to new assets with the dual features of “payment tools” and “income tools” “, and will accelerate the organization of institutions and accelerate them to the dollar.

Although traditional stablecoins meets the needs of encryption payments, most institutions use them only as short -term liquidity tools due to a lack of interest revenues; Not only can the benefits Stablecoins can generate stable income, but capital rotation can also be improved through intermediate transactions and all weather conditions, and it has great advantages in capital efficiency and immediate settlement capabilities. ARK Invest indicated in its latest annual report that the hedge funds and asset management institutions have begun to integrate Stablecoins into their cash management strategies, and that the SEC approval by SEC will lead to further wasting compliance concerns of institutions and raising the acceptance and participation of institutional investors in such stability to a new level.

The huge flow of institutional funds will enhance the rapid growth of the stand -borne stablecoin market, making it an indispensable part of the ecosystem for encryption. In order to deal with competition and meet the demand for the market, the Research OKG expects optimistic that the carrier-carrying Stablecoins will enter into explosive growth during the next 3-5 years and occupy about 10-15 % of the Stablecoin market, to become another category of encryption assets that can attract great institutional attention and investment in capital after BTC .

 Percentage of interest-bearing stablecoins in the Ethereum ecosystem (@21co, as of 2025/2/20)

The upcoming Stablecoins rise will unify the dominance of the dollar in the world of encryption. There are three main sources of income for the interest -carrying stablecoins in the market, which are by investing in US Treasury bonds, Blockchain bonuses or structured strategy income. Although the STADLECOIN USDE, which was launched by Ethena Labs, achieved great success in 2024 and became a major player in the Stablecoin market that carries interests, it does not mean that structured and structured strategies as an income source will become the main current. On the contrary, we believe that Stablecoins, which carries the good supported by the American Treasury, will remain the first option for future institutional investors.

Although the material world is rushing to cancel the fading: China and Japan have sold a large number of American debt in the past few years, and Saudi Arabia announced in June 2024 that it will not renew the “Petrovar Agreement”, as discrimination was maintained on the dimarms of the audio amount. The world continues the series to approach the dollar. Whether it is widely applied to the US dollar stablecoin or the distinctive symbol wave launched by Wall Street institutions, the United States continues to enhance the impact of US assets on the encryption market, and this trend is strengthened by the dollar.

This trend is unlikely to be reversed in the short term, because with regard to liquidity, stability and market acceptance, there are no more alternatives to more distinctive innovation and encrypted financial markets except for the US dollar assets represented by American treasury bonds. SEC’s approval of Ylds also shows that American organizers have given the green light in favor of the American Treasury Stable at this stage, which will undoubtedly attract more projects to launch similar products in the future. This is also an important reason for us that we still believe that the American cabinet, as risk -free assets, will continue to dominate the set of basic assets with benefits, although we know that the income model of the carrier -bearing stablecoins will be more diverse in the future, and it may also expand in the preserved assets to the types of more pioneers such as real estate and gold.

conclusion

Ylds approval is not just a penetration of compliance with the innovation of encryption, but also a milestone in financial democracy. It reveals a simple fact: In light of the control of the risk that can be controlled, the market demand for “earning money” will always exist. With the improvement of the regulatory framework and the flow of institutional funds, Stablecoins may reshape in the Stablecoin market and enhance the dollar’s trend for financial innovation for encryption. However, this process also needs to balance innovation and risks to avoid repeating previous errors. In this way only, the bearing Stablecoins can really realize “allowing everyone to make money while lying down.”