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Former Standard Chartered Executive: Stablecoins Need to Provide Returns to Enhance Competitiveness
Summary: According to sources, Will Beeson, founder of RWA liquidity platform Multiliquid and former head of tokenized assets at Standard Chartered Bank, stated that in the increasingly competitive stablecoin market, providing returns to users will be crucial. He pointed out that the 'GENIUS Act' prohibits issuers from directly paying interest or returns to holders, but does ...
According to sources, Will Beeson, founder of RWA liquidity platform Multiliquid and former head of tokenized assets at Standard Chartered Bank, stated that in the increasingly competitive stablecoin market, providing returns to users will be crucial. He pointed out that the 'GENIUS Act' prohibits issuers from directly paying interest or returns to holders, but does not restrict third parties such as exchanges from offering interest or rewards. For example, Coinbase currently pays interest on USDC balances on its platform. Beeson stated that this 'loophole' has become a focal point of the battle between Wall Street and the crypto industry, with banking lobbying groups concerned that high-yield stablecoins could drain up to $6.6 trillion in bank deposits and are pushing Congress to further tighten related provisions. (Decrypt)
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