This perspective on the topic is so cool! Behind the introduction of various stablecoin regulatory policies, the market has indeed severely underestimated the explosive potential of the "yield-bearing stablecoin" sector: First, we need to understand what a yield-bearing stablecoin is—it is essentially a "digital dollar that generates its own money." Unlike traditional stablecoins like USDT and USDC, which are merely digital cash tools, yield-bearing stablecoins embed revenue mechanisms such as U.S. Treasury bonds, DeFi lending, and derivatives arbitrage directly into the token logic, allowing holders to automatically earn annualized returns of 3%-27%. This is not just a simple DeFi innovation; it is a redefinition of the stablecoin's functionality—from "saving money" to "making money." So, how is the yield-bearing stablecoin market doing? The market for yield-bearing stablecoins has grown from $660 million in August 2023 to $9 billion now, a 13-fold increase in just over a year, with a projected single-year growth of 583% in 2024. However, even with such rapid growth, it still accounts for less than 5% of the $230 billion stablecoin market. Compared to the $7 trillion mature scale of money market funds, this sector still has a trillion-dollar growth space ahead. More importantly, the policy direction has changed. The SEC's regulatory stance on yield-bearing stablecoins has gradually become clearer from its previous ambiguity, and various legislative frameworks are accelerating. Additionally, traditional financial giants like BlackRock are directly entering the field through products like BUIDL. When the three key elements of clear policy compliance paths, improved infrastructure, and institutional capital influx are in place, "yield-bearing stablecoins" are likely to replicate the explosive trajectory of money market funds in 1971, becoming a super bridge connecting traditional finance and digital assets.