The market structure markup issue has brought new ideas. Regulatory authorities and exchanges are brewing a reform plan, with the core focus on the stablecoin reward mechanism.

What is the key to the reform? Simply put, if the incentive system is to be retained, rewards can only be issued at the moment when users actually spend stablecoins. In other words, rewards must be strongly linked to transaction payment behavior.

This is similar to the traditional financial concept of "cashback"—you only receive the corresponding reward at the moment of payment. It is no longer a passive mode where holding yields profits, but one where profits are earned through actual transactions. This design makes the incentive mechanism more aligned with real trading activities and also reduces pure arbitrage opportunities.