#今日解读

Today’s Briefing
Trump blasts banks, supports stablecoin legislation.
Bank of Japan to decide on CBDC issuance by 2026.
CFTC may launch regulated perpetual contracts next month.
Mastercard supports SoFiUSD global settlement.
Visa expands stablecoin settlement pilot to 100 countries.
FATF warns stablecoins are becoming a major money laundering risk.
JPMorgan’s Dimon opposes interest-bearing stablecoins.
Aave governance fractures as core team exits.
Vitalik calls for Ethereum to return to decentralization.
BitGo launches compliant custody services in Europe under MiCA.

The current situation is very interesting. Stablecoins have completely shifted from being a “crypto circle hype” to becoming the top battleground between Wall Street and Washington. Trump directly fired on Truth Social, naming and blaming banks for obstructing the “Clarity Act,” which essentially tears off the last fig leaf. Frankly, what bank giants fear isn’t the technology of stablecoins, but that once stablecoins gain “legitimate status” and are allowed to pay interest, everyone will stop depositing money into those inefficient, low-interest traditional accounts. This is a naked fight to defend existing capital, and the “Clarity Act” is the sharp knife that could pierce the banks’ moat.

JPMorgan CEO Dimon’s response is the most genuine. He demands that interest-bearing stablecoins be incorporated into the banking regulatory system, a highly insidious move. Once you’re defined as a bank, you must accept high capital adequacy requirements and tedious audits, instantly erasing the advantages of high turnover and low costs that stablecoins offer. Interestingly, Visa and Mastercard, the two old payment giants, are acting very tactfully. They verbally support regulation while aggressively integrating stablecoins into their global clearing networks. They see clearly: since the floodwaters can’t be stopped, they’ll first turn themselves into the “highways” for stablecoins, securing the tolls of the future.

The real key is that the “speed of assimilation” is accelerating. As CFTC prepares to launch regulated perpetual contracts, and as BitGo holds a MiCA license sweeping across thirty European countries, the underlying logic of cryptocurrency is being rapidly swallowed by traditional finance. The clear signal behind this is: future compliance standards will no longer be dictated by on-chain code, but by Washington’s lobbying groups and Brussels bureaucracies.

Against this backdrop, the internal governance conflicts within Aave and Vitalik’s concerns about Ethereum “becoming Apple-like” seem especially ironic and tragic. If native DeFi protocols cannot solve internal corruption and governance inefficiency, and if Ethereum sacrifices decentralization to cater to mainstream users, then this so-called “financial revolution” might just be a patch for the traditional financial system. The real crisis isn’t the heavy regulatory pressure, but whether Web3 still has any independent value beyond “speculation” when the wave of compliance engulfs everything.