Regulation doesn’t always ban — sometimes it quietly reshapes incentives. Coinbase’s warning highlights how U.S. policy could change the economics of stablecoins. - U.S. may restrict interest on stablecoins - Yield-bearing stables under pressure - Issuers’ business models at risk - Capital efficiency likely declines - Offshore alternatives gain appeal Do these rules protect users — or push innovation elsewhere? 🤔 Short term: sentiment hit for DeFi and stables. Long term: liquidity migrates, not disappears. Markets adapt.