Analysis: Stablecoins should be banned from paying interest, otherwise it will harm efficiency and stability
scholars such as Hans Gerlsbach from the Swiss Federal Institute of Technology in Zurich (ETH) Economic Research Institute (KOF) stated at the World Economists Conference (ESWC) opened on the 18th with the theme "Stable Coin with Infectiousness?" when giving a speech: "In an environment where multiple issuers compete, if one issuer starts paying interest, other issuers cannot help but follow suit. This will lead to inefficiency and instability in the overall (stable coin) system." They added: "The interest payment mechanism of this stable coin is infectious and may ultimately lead to a series of problems. Therefore, prohibiting interest payments through regulation is a core measure to maintain an efficient stable coin market." Scholars also pointed out that in the so-called "stable coin secondary market," if investors do not redeem directly from the issuer but circulate through market trading, a failed adjustment could also trigger panic, so regulation is equally necessary.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
How much CPO demand will Nvidia Rubin Ultra generate? Bernstein: Optical value per Pod will increase fivefold
Bernstein believes that the co-packaged optics (CPO) and fiber demand driven by Nvidia's Rubin Ultra architecture will surge significantly, with the optical content per Pod rising from $1 million to $5.4 million. This will propel the size of Nvidia's optical ecosystem market to $46.8 billion by 2028 (a 91% annual increase). Although the industry faces supply bottlenecks with InP substrates, the outlook remains positive. The institution reiterates its “outperform” rating for Lumentum, Coherent, and Ciena.
UBS Q3 implements a two-way strategy with gold options, heavily invests in technology stocks, and builds positions in SK Hynix (SKHY.US)
UBS Group (UBS.US) has submitted its Q3 holdings report (13F) as of September 30, 2026.
SpaceX (SPCX.US) reportedly attempts “de-Nvidiaization” at the rack level: developing Kessel cabinets to bypass L6 compute boards, purchasing only chips
SemiAnalysis: SpaceX has developed its own Kessel cabinet, bypassing Nvidia's L6 cards to provide more options for manufacturing its own hardware.
$3.7 billion “data center power equipment prepayments” abandoned! What did "the most active buyer of gas turbines", SoftBank, see?
In the second quarter of fiscal year 2026, SoftBank reported a net loss of $7.1 billion, primarily due to a $3.7 billion impairment charge from a $9.5 billion advance payment for power generation equipment for US data centers—of which about $2.9 billion was non-refundable and effectively lost. The CFO admitted that SoftBank placed orders before the project plan was finalized, and is now conducting a comprehensive review of its procurement strategy. "The most aggressive purchaser of gas turbines has now written off the deposit in this way."
Crypto prices
More
