Why do traditional banks stay far away from the yields of stablecoins? The essence is actually quite simple. Banks' profit models are built on interest rate spreads—absorbing low-interest deposits and turning them into high-interest loans. Once stablecoins offer competitive returns, depositors have a new option, and the attractiveness of traditional savings accounts in banks is greatly diminished. This directly threatens their core profit sources. To put it plainly, the existing structure of the banking system does not allow competitors like stablecoins to change the game. Follow the money, and everything makes sense.