Last time when I was in Hong Kong, I talked to Brother Kimi about the issue of stablecoin interest rates. This time, the compliance of stablecoins in the United States is essentially the completion of hard acceptance of stablecoins. One of the aspects of hard acceptance is that stablecoins in the US dollar are equivalent to the US dollar, so interest rates are a very important link. Currently, besides Coinbase and Kraken, I know that the returns of USDC are not related to lending, while stablecoins like Binance and OKX are essentially related to lending. So how do interest bearing stablecoins work? That's the problem. If it's on an exchange, it's okay. For example, Coinbase automatically earns interest as long as it holds USDC, without the need for staking or any action. It can also be withdrawn at any time. Of course, Coinbase's essence is based on T-Bills (short-term US bonds) held by USDC to achieve returns. But if it is on the chain, USDC cannot directly earn profits, so interest bearing stablecoins either have independent applications or wallets where interest can be directly earned, or are implemented through protocols such as Rebate, or through exchange rates. However, in essence, these are all low-risk (almost zero risk), high-yield ways to keep users out of the banking system. For example, the stable return of USDC can now reach an annualized rate of 4.5%, and when Binance has a LaunchPool, USDC can be transferred in, which can maximize profits. Moreover, with the cooperation between Binance and USDC, it is very likely to directly obtain the same USDC income based on T-Bills as Coinbase in Binance. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex