Stablecoins are transforming from simple transaction settlement tools into deposit products that can generate returns, which has attracted the attention of the US financial system. A CEO of a major American bank publicly stated that once stablecoins become widely popular, a large amount of deposits could be attracted away from the banking system, directly draining the bank's loan fund pool and ultimately increasing overall financing costs. The core issues regulators are focusing on are quite clear: how stablecoins are designed, how they are regulated, how reserves are composed, and how information is disclosed. Because stablecoins now have yield features, regulatory agencies view them as a kind of upgraded version of money market funds, requiring more stringent scrutiny. This wave of tighter regulation could trigger a chain reaction—DeFi funds will gradually flow toward stablecoins with well-designed standards and high transparency, benefiting compliant players, while platforms relying on aggressive yields or opaque reserve information will face pressure.