{"id":66203,"date":"2026-03-30T08:48:43","date_gmt":"2026-03-30T01:48:43","guid":{"rendered":"https:\/\/hbbgroup.net\/no-one-is-100-happy-with-the-stablecoin-yield-agreement-state-of-crypto\/"},"modified":"2026-03-30T09:22:04","modified_gmt":"2026-03-30T02:22:04","slug":"no-one-is-100-happy-with-the-stablecoin-yield-agreement-state-of-crypto","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/no-one-is-100-happy-with-the-stablecoin-yield-agreement-state-of-crypto\/","title":{"rendered":"Kh\u00f4ng b\u00ean n\u00e0o th\u1ef1c s\u1ef1 h\u00e0i l\u00f2ng ho\u00e0n to\u00e0n v\u1edbi th\u1ecfa thu\u1eadn v\u1ec1 l\u1ee3i su\u1ea5t stablecoin: To\u00e0n c\u1ea3nh Crypto."},"content":{"rendered":"
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Ng\u00e0nh crypto v\u00e0 l\u0129nh v\u1ef1c ng\u00e2n h\u00e0ng \u0111\u1ec1u \u0111\u00e3 ch\u1ee9ng ki\u1ebfn th\u1ecfa thu\u1eadn v\u1ec1 nguy\u00ean t\u1eafc gi\u1eefa Th\u01b0\u1ee3ng ngh\u1ecb s\u0129 Alsobrooks v\u00e0 Tillis li\u00ean quan \u0111\u1ebfn l\u1ee3i su\u1ea5t stablecoin.<\/p>\n

C\u00e1c \u0111\u1ea1i di\u1ec7n trong ng\u00e0nh \u0111\u00e3 ti\u1ebfp c\u1eadn ph\u1ea7n ng\u00f4n ng\u1eef \u0111\u1ec1 xu\u1ea5t v\u1ec1 l\u1ee3i su\u1ea5t trong d\u1ef1 lu\u1eadt c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng crypto v\u00e0o ng\u00e0y 23 v\u00e0 24\/3. Internet \u2014 \u00edt nh\u1ea5t l\u00e0 tr\u00ean X (tr\u01b0\u1edbc \u0111\u00e2y l\u00e0 Twitter) \u2014 t\u1ecf ra kh\u00f4ng h\u00e0i l\u00f2ng, nh\u01b0ng \u0111i\u1ec1u \u0111\u00f3 c\u00f3 th\u1ec3 c\u0169ng kh\u00f4ng t\u1ea1o ra kh\u00e1c bi\u1ec7t qu\u00e1 l\u1edbn.<\/p>\n

B\u1ea1n \u0111ang \u0111\u1ecdc State of Crypto, b\u1ea3n tin c\u1ee7a CoinDesk t\u1eadp trung v\u00e0o \u0111i\u1ec3m giao thoa gi\u1eefa ti\u1ec1n m\u00e3 h\u00f3a v\u00e0 ch\u00ednh ph\u1ee7. Nh\u1ea5n v\u00e0o \u0111\u00e2y \u0111\u1ec3 \u0111\u0103ng k\u00fd nh\u1eadn c\u00e1c s\u1ed1 ti\u1ebfp theo.<\/p>\n

\u0110\u00e3 \u0111\u1ebfn l\u00fac ch\u01b0a?<\/strong>
\nC\u00e2u chuy\u1ec7n ch\u00ednh<\/strong><\/h2>\n

Ch\u00fang ta* hi\u1ec7n \u0111\u00e3 c\u00f3 b\u1ed9 ng\u00f4n ng\u1eef m\u1edbi ph\u00e1c th\u1ea3o c\u00e1ch d\u1ef1 lu\u1eadt c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng crypto c\u00f3 th\u1ec3 x\u1eed l\u00fd v\u1ea5n \u0111\u1ec1 l\u1ee3i su\u1ea5t stablecoin.<\/p>\n

*Tuy v\u1eady, m\u1edbi ch\u1ec9 c\u00f3 m\u1ed9t s\u1ed1 ng\u01b0\u1eddi \u0111\u01b0\u1ee3c ti\u1ebfp c\u1eadn ph\u1ea7n ng\u00f4n ng\u1eef n\u00e0y, d\u00f9 d\u1ef1 ki\u1ebfn b\u01b0\u1edbc ti\u1ebfp theo l\u00e0 n\u00f3 s\u1ebd \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 c\u00f4ng khai \u0111\u1ec3 c\u00f4ng ch\u00fang theo d\u00f5i v\u00e0 \u0111\u00e1nh gi\u00e1.<\/p>\n

V\u00ec sao \u0111i\u1ec1u n\u00e0y quan tr\u1ecdng<\/strong><\/h2>\n

Th\u01b0\u1ee3ng ngh\u1ecb s\u0129 Cynthia Lummis (\u0110\u1ea3ng C\u1ed9ng h\u00f2a, bang Wyoming) cho bi\u1ebft v\u00e0o \u0111\u1ea7u th\u00e1ng n\u00e0y r\u1eb1ng b\u00e0 k\u1ef3 v\u1ecdng m\u1ed9t phi\u00ean markup cho d\u1ef1 lu\u1eadt c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng s\u1ebd di\u1ec5n ra trong n\u1eeda sau th\u00e1ng 4 \u2014 t\u1ee9c phi\u00ean \u0111i\u1ec1u tr\u1ea7n n\u01a1i c\u00e1c nh\u00e0 l\u1eadp ph\u00e1p tranh lu\u1eadn v\u1ec1 c\u00e1c s\u1eeda \u0111\u1ed5i v\u00e0 c\u00e2u ch\u1eef c\u1ee7a d\u1ef1 lu\u1eadt tr\u01b0\u1edbc khi ti\u1ebfn h\u00e0nh b\u1ecf phi\u1ebfu. C\u00e1c nh\u00e0 l\u1eadp ph\u00e1p hi\u1ec7n \u0111\u00e3 th\u1ef1c hi\u1ec7n b\u01b0\u1edbc \u0111i \u0111\u1ea7u ti\u00ean h\u01b0\u1edbng t\u1edbi phi\u00ean markup \u0111\u00f3 v\u1edbi m\u1ed9t th\u1ecfa thu\u1eadn v\u1ec1 lu\u1eadt c\u1ea5u tr\u00fac th\u1ecb tr\u01b0\u1eddng crypto.<\/p>\n

Ph\u00e2n t\u00edch chi ti\u1ebft<\/strong><\/h2>\n

C\u00e1c \u0111\u1ea1i di\u1ec7n t\u1eeb ng\u00e0nh crypto v\u00e0 ng\u00e2n h\u00e0ng \u0111\u00e3 \u0111\u01b0\u1ee3c xem \u0111\u1ec1 xu\u1ea5t v\u1ec1 \u201cth\u1ecfa thu\u1eadn nguy\u00ean t\u1eafc\u201d \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 tu\u1ea7n tr\u01b0\u1edbc b\u1edfi Th\u01b0\u1ee3ng ngh\u1ecb s\u0129 Angela Alsobrooks (\u0110\u1ea3ng D\u00e2n ch\u1ee7, bang Maryland) v\u00e0 Thom Tillis (\u0110\u1ea3ng C\u1ed9ng h\u00f2a, bang North Carolina) v\u00e0o \u0111\u1ea7u tu\u1ea7n n\u00e0y; trong \u0111\u00f3, ph\u00eda \u0111\u1ea1i di\u1ec7n crypto g\u1eb7p c\u00e1c tr\u1ee3 l\u00fd l\u1eadp ph\u00e1p v\u00e0o th\u1ee9 Hai, c\u00f2n ph\u00eda ng\u00e2n h\u00e0ng g\u1eb7p v\u00e0o th\u1ee9 Ba.<\/p>\n

C\u00f3 v\u1ebb nh\u01b0 kh\u00f4ng b\u00ean n\u00e0o th\u1ef1c s\u1ef1 h\u00e0i l\u00f2ng v\u1edbi th\u1ecfa thu\u1eadn n\u00e0y. Ph\u1ea7n ng\u00f4n ng\u1eef d\u1ef1 th\u1ea3o hi\u1ec7n v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 c\u00f4ng khai, d\u00f9 d\u1ef1 ki\u1ebfn s\u1ebd \u0111\u01b0\u1ee3c ph\u00e1t h\u00e0nh trong tu\u1ea7n t\u1edbi. C\u00e1c quan ng\u1ea1i tr\u1ea3i r\u1ed9ng t\u1eeb kh\u1ea3 n\u0103ng ph\u1ea7n ng\u00f4n ng\u1eef \u0111\u01b0\u1ee3c \u0111\u1ec1 xu\u1ea5t s\u1ebd y\u00eau c\u1ea7u c\u01a1 quan qu\u1ea3n l\u00fd x\u00e2y d\u1ef1ng c\u00e1c quy \u0111\u1ecbnh m\u1edbi v\u1ec1 nh\u1eefng ho\u1ea1t \u0111\u1ed9ng \u0111\u01b0\u1ee3c ph\u00e9p, cho t\u1edbi c\u00e1ch n\u00f3 c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf s\u1ed1 d\u01b0 stablecoin \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i su\u1ea5t.<\/p>\n

D\u00f9 v\u1eady, kh\u1ea3 n\u0103ng cao l\u00e0 ph\u1ea7n ng\u00f4n ng\u1eef n\u00e0y s\u1ebd kh\u00f4ng b\u1ecb ch\u1ec9nh s\u1eeda l\u1edbn, m\u1eb7c d\u00f9 m\u1ed9t ng\u01b0\u1eddi am hi\u1ec3u v\u1ea5n \u0111\u1ec1 cho bi\u1ebft h\u1ecd k\u1ef3 v\u1ecdng v\u1eabn c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n m\u1ed9t s\u1ed1 \u0111i\u1ec1u ch\u1ec9nh nh\u1ecf. Theo ng\u01b0\u1eddi n\u00e0y, nhi\u1ec1u thay \u0111\u1ed5i c\u1ea7n thi\u1ebft ch\u1ee7 y\u1ebfu ch\u1ec9 l\u00e0 c\u00e1c tinh ch\u1ec9nh mang t\u00ednh k\u1ef9 thu\u1eadt.<\/p>\n

Tuy nhi\u00ean, c\u00e1c nh\u00f3m l\u1ee3i \u00edch trong ng\u00e0nh d\u01b0\u1eddng nh\u01b0 \u0111ang h\u01b0\u1edbng t\u1edbi vi\u1ec7c \u0111\u01b0a ra m\u1ed9t d\u1ea1ng ph\u1ea3n \u0111\u1ec1 xu\u1ea5t \u0111\u1ed1i v\u1edbi ph\u1ea7n ng\u00f4n ng\u1eef n\u00e0y. M\u1ee9c \u0111\u1ed9 \u0111i xa t\u1edbi \u0111\u00e2u th\u00ec v\u1eabn c\u00f2n ph\u1ea3i ch\u1edd xem.<\/p>\n

Tu\u1ea7n n\u00e0y<\/strong><\/h2>\n

Qu\u1ed1c h\u1ed9i M\u1ef9 d\u1ef1 ki\u1ebfn b\u01b0\u1edbc v\u00e0o k\u1ef3 ngh\u1ec9 l\u1ec5 Ph\u1ee5c Sinh k\u00e9o d\u00e0i hai tu\u1ea7n, d\u00f9 cu\u1ed9c tranh c\u00e3i \u0111ang di\u1ec5n ra li\u00ean quan \u0111\u1ebfn ng\u00e2n s\u00e1ch c\u1ee7a B\u1ed9 An ninh N\u1ed9i \u0111\u1ecba M\u1ef9 c\u00f3 th\u1ec3 khi\u1ebfn t\u00ecnh h\u00ecnh thay \u0111\u1ed5i.<\/p>\n

N\u1ebfu b\u1ea1n c\u00f3 \u00fd ki\u1ebfn ho\u1eb7c c\u00e2u h\u1ecfi v\u1ec1 nh\u1eefng g\u00ec t\u00f4i n\u00ean \u0111\u1ec1 c\u1eadp v\u00e0o tu\u1ea7n t\u1edbi, ho\u1eb7c b\u1ea5t k\u1ef3 ph\u1ea3n h\u1ed3i n\u00e0o kh\u00e1c mu\u1ed1n chia s\u1ebb, b\u1ea1n c\u00f3 th\u1ec3 g\u1eedi email t\u1edbi [email protected] ho\u1eb7c t\u00ecm t\u00f4i tr\u00ean Bluesky t\u1ea1i @nikhileshde.bsky.social.<\/p>\n

B\u1ea1n c\u0169ng c\u00f3 th\u1ec3 tham gia cu\u1ed9c tr\u00f2 chuy\u1ec7n nh\u00f3m tr\u00ean Telegram.<\/p>\n

\"16x9<\/h2>\n<\/div>\n
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Khi stablecoin ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n th\u00e0nh m\u1ed9t ph\u1ea7n c\u1ee7a h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh c\u1ed1t l\u00f5i, B\u1eafc M\u1ef9 \u0111ang gi\u1eef vai tr\u00f2 d\u1eabn d\u1eaft. B\u00e1o c\u00e1o n\u00e0y ph\u00e1c h\u1ecda b\u1ee9c tranh v\u1ec1 khung ph\u00e1p l\u00fd, c\u00e1c d\u1ecbch chuy\u1ec3n c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 nh\u1eefng ch\u1ee7 th\u1ec3 \u0111ang th\u00fac \u0111\u1ea9y qu\u00e1 tr\u00ecnh ch\u1ea5p nh\u1eadn stablecoin.<\/p>\n

V\u00ec sao \u0111i\u1ec1u n\u00e0y quan tr\u1ecdng:<\/strong><\/p>\n

Stablecoin \u0111ang b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n ti\u1ebfn h\u00f3a th\u1ee9 ba \u2014 k\u1ef7 nguy\u00ean th\u1ec3 ch\u1ebf h\u00f3a \u2014 khi ng\u00e0y c\u00e0ng \u0111\u01b0\u1ee3c t\u00edch h\u1ee3p s\u00e2u h\u01a1n v\u00e0o h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh c\u1ed1t l\u00f5i. Trong b\u1ed1i c\u1ea3nh c\u00e1c t\u1ed5 ch\u1ee9c \u01b0u ti\u00ean t\u00ednh minh b\u1ea1ch v\u00e0 tu\u00e2n th\u1ee7 ph\u00e1p l\u00fd, c\u00e1c t\u1ed5 ch\u1ee9c ph\u00e1t h\u00e0nh \u0111\u01b0\u1ee3c qu\u1ea3n l\u00fd ch\u1eb7t ch\u1ebd nh\u01b0 USDC, RLUSD v\u00e0 PYUSD \u0111ang d\u1ea7n m\u1edf r\u1ed9ng th\u1ecb ph\u1ea7n. \u0110\u00e1ng ch\u00fa \u00fd, RLUSD \u0111\u00e3 v\u01b0\u1ee3t m\u1ed1c 1 t\u1ef7 USD v\u1ed1n h\u00f3a th\u1ecb tr\u01b0\u1eddng ngay trong n\u0103m \u0111\u1ea7u ti\u00ean. B\u1eafc M\u1ef9, v\u1edbi l\u1ee3i th\u1ebf d\u1eabn \u0111\u1ea7u v\u1ec1 khung ph\u00e1p l\u00fd v\u00e0 n\u0103ng l\u1ef1c ph\u00e2n ph\u1ed1i t\u1edbi kh\u1ed1i t\u1ed5 ch\u1ee9c, \u0111ang tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m c\u1ee7a xu h\u01b0\u1edbng n\u00e0y.<\/p>\n

View Full Report<\/a><\/p>\n<\/div>\n

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(\u0110\u1ecdc chi ti\u1ebft t\u1ea1i \u0111\u00e2y)<\/em><\/p>\n

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\"Kalshi<\/figure>\n

T\u1ed5ng ch\u01b0\u1edfng l\u00fd bang Washington c\u00e1o bu\u1ed9c trong \u0111\u01a1n ki\u1ec7n h\u00f4m th\u1ee9 S\u00e1u r\u1eb1ng Kalshi \u0111ang cung c\u1ea5p c\u00e1c \u201cs\u1ea3n ph\u1ea9m c\u1edd b\u1ea1c\u201d \u0111\u01b0\u1ee3c ng\u1ee5y trang d\u01b0\u1edbi h\u00ecnh th\u1ee9c th\u1ecb tr\u01b0\u1eddng d\u1ef1 b\u00e1o.<\/p>\n

\u0110i\u1ec3m ch\u00ednh c\u1ea7n bi\u1ebft:<\/strong><\/p>\n