Stablecoins are prohibited from paying interest, which looks like a regulation on the surface but is actually pushing them more towards being payment tools rather than financial products. Banks are reluctant to lose low-cost funds, while the crypto industry wants to maintain its attractiveness. This tug-of-war will directly impact issuers and on-chain fund deposits. For public chains like $ETH where stablecoin activities are most concentrated, clearer rules make it easier to retain genuine users, but the space for storytelling based on yields will continue to shrink.