国际清算银行-稳定币相关收益率：一些监管方法（英）

FSI Briefs No 27 Stablecoin-related yields: some regulatory approaches October 2025 Denise Garcia Ocampo FSI Briefs are written by staff members of the Financial Stability Institute (FSI) of the Bank for International Settlements (BIS), sometimes in cooperation with other experts. They are short notes on regulatory and supervisory subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS or the Basel-based standard setting bodies. Authorised by the Chair of the FSI, Fernando Restoy. This publication is available on the BIS website (www.bis.org). To contact the BIS Media and Public Relations team, please email media@bis.org. You can sign up for email alerts at www.bis.org/emailalerts.htm. © Bank for International Settlements 2025. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 2708-1117 (online) ISBN 978-92-9259-894-5 Stablecoin-related yields: some regulatory approaches 1 Stablecoin-related yields: some regulatory approaches1 Highlights • Some cryptoasset service providers (CASPs) offer yield-bearing products based on payment stablecoins, even though these stablecoins are not inherently designed to generate on-chain returns to holders. Yield generation often involves re-lending to borrowers, margin pools, arbitrage/ derivatives collateral or facilitating their use in decentralised finance (DeFi) lending protocols. In other cases, yields are provided through loyalty programmes that are directly funded by CASPs. • These practices may blur the lines between payment instruments and investment products. They may compete with bank deposits but are often provided without equivalent prudential oversight, deposit insurance and transparency, exposing users to consumer protection gaps and losses. • Yield-bearing products based on stablecoins can exacerbate some general risks that stablecoins pose, for example, those related to their runnability and interaction with traditional banks. Multifunction CASPs that conduct yield-bearing lending, custody and other activities can create operational interdependencies and trigger conflicts of interest. • Regulatory approaches to stablecoin-related yields differ across jurisdictions. Payment stablecoin issuers are uniformly prohibited from remunerating balances. CASP-provided yields, however, are subject to three different approaches: (i) complete prohibitions; (ii) restricted prohibitions that ban products for retail users and set conditions for professional investors; and (iii) no explicit prohibition. • Addressing the risks posed by these arrangements may require a framework that extends beyond issuers to cover CASPs’ stablecoin-related activities, close regulatory gaps and safeguard end users’ protection and financial stability. 1 Denise Garcia Ocampo (denise.garciaocampo@bis.org), Bank for International Settlements. The auth