* Yield-Bearing Stablecoins (YBS) are reshaping banking by changing the credit creation mechanism through on-chain programmability, rather than merely acting as a subsidy tool. * Stablecoins like USDT have reversed the traditional payment process, enabling real-time clearing and settlement. Their open-system nature challenges the closed systems of traditional banks and Web2 payment giants. * The core value of stablecoin payments lies not in cross-border transactions or clearing/settlement, bu...

* Yield-Bearing Stablecoins (YBS) are reshaping banking by changing the credit creation mechanism through on-chain programmability, rather than merely acting as a subsidy tool. * Stablecoins like USDT have reversed the traditional payment process, enabling real-time clearing and settlement. Their open-system nature challenges the closed systems of traditional banks and Web2 payment giants. * The core value of stablecoin payments lies not in cross-border transactions or clearing/settlement, bu...