US Banks Demand Stablecoin Yield Ban While Paying Depositors Nearly Nothing
Banks in the United States are lobbying to change new stablecoin regulations under the GENIUS Act, fearing massive deposit outflows as crypto exchanges gain a competitive advantage in offering yield to customers.
The legislation, which passed in July, prohibits stablecoin issuers, which could include banks, from paying interest directly to customers. However, crypto exchanges that hold stablecoins, such as USDT and USDC, can offer yields and rewards on them.
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US Banks Demand Stablecoin Yield Ban While Paying Depositors Nearly Nothing
Banks in the United States are lobbying to change new stablecoin regulations under the GENIUS Act, fearing massive deposit outflows as crypto exchanges gain a competitive advantage in offering yield to customers.
The legislation, which passed in July, prohibits stablecoin issuers, which could include banks, from paying interest directly to customers. However, crypto exchanges that hold stablecoins, such as USDT and USDC, can offer yields and rewards on them.
Read More
deBridge Completes Full Integration of TRON Network