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Stablecoin Yield Means Banks Must Now offer Customers Real Interest
Crypto Trends

Stablecoin Yield Means Banks Must Now offer Customers Real Interest

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Stablecoins, tokenized versions of fiat currencies that move on blockchain rails, will eventually force banks and other financial institutions to offer customers yields on their deposits to remain competitive, according to Patrick Collison, CEO of payments company Stripe.

The average interest rate for US savings accounts is 0.40%, and in the EU, the average rate on savings accounts is 0.25%, Collison said in response to VC Nic Carter’s X post outlining the rise of yield-bearing stablecoins and the future of the sector. Collison added:

“Depositors are going to, and should, earn something closer to a market return on their capital. Some lobbies are currently pushing post-GENIUS to further restrict any kinds of rewards associated with stablecoin deposits. 

The business imperative here is clear — cheap deposits are great, but being so consumer-hostile feels to me like a losing position,” he continued.

Source: Patrick Collison

Stablecoins have steadily grown in market capitalization and user adoption since 2023, which ramped up following the passage of the GENIUS stablecoin bill in the United States. The GENIUS bill paved the way for a regulated stablecoin industry but also prohibited yield-sharing.

Related: Stablecoin market boom to $300B is ‘rocket fuel’ for crypto rally

Banking Industry fights to restrict yield-bearing opportunities for stablecoins

The banking lobby pushed back against interest-bearing stablecoins while US lawmakers were deliberating what provisions to include in the final draft of the GENIUS stablecoin regulation, according to a report from American Banker.

Banks and their Congressional allies argued that stablecoins offering interest-bearing opportunities to clients would undermine the banking system and erode market share.

“Do you want a stablecoin issuer to be able to issue interest? Probably not, because if they are issuing interest, there is no reason to put your money in a local bank,” New York senator Kirsten Gillibrand told the DC Blockchain Summit in March.

However, crypto industry executives see the rise of stablecoins as the next logical progression and predict that stablecoins will consume legacy fiat payments.

“All currency will be a stablecoin. So even fiat currency will be a stablecoin. It’ll just be called dollars, euros, or yen,” Reeve Collins, co-founder of stablecoin issuer Tether, told Cointelegraph at Token2049.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight



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Transfer rumors, news: Como offer Man United's Zirkzee an escape
Esports

Transfer rumors, news: Como offer Man United’s Zirkzee an escape

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Italian Serie A side Como are looking to offer Manchester United forward Joshua Zirkzee an escape, while Liverpool defender Ibrahima Konaté could turn down a move to Real Madrid in order to stay at Anfield. Join us for the latest transfer news and rumors from around the globe.

Transfers homepage | Done deals | Men’s grades | Women’s grades

TOP STORIES

– Atlético’s Álvarez on Barça links: ‘People talk’
– Bernardo decides Man City future remains coy
– Sources: Thorns trade Japans Sugita to Angel City

Manchester United forward Joshua Zirkzee has struggled to assert himself. Jonathan Moscrop/Getty Images)

TRENDING RUMORS

– Manchester United forward Joshua Zirkzee is contemplating a move to Serie A side Como in January, with Juventus also interested, according to The Sun. No agreement has been reached yet with either Italian side, but United are open to either a loan or permanent move when the window opens on Jan. 1. Zirkzee, 24, has been at United for just 14 months after joining for €42.5 million from Bologna under Erik ten Haag’s tenure, but he has found game time hard to come by under new boss Ruben Amorim, as all of his appearances this season have come from the bench. Como boss Cesc Fabregas sees the Netherlands international as the perfect profile for the Serie A side, while Juve could reignite previous interest from the summer.

– Liverpool defender Ibrahima Konaté could now stay at Liverpool, despite reports suggesting a free transfer to Real Madrid is on the cards when his contract expires next summer. L’Equipe says that talks over a new deal at Anfield are edging towards an agreement, with the 26-year-old France international free to talk to non-English clubs from January. However, it appears that Konate wants to continue playing under Arne Slot, and that though a number of points are yet to be agreed, his stay is likely.

Editor’s Picks

2 Related

– Chelsea scouts have been impressed by Nigeria wonderkid Abduljelil Kamaldeen at the FIFA U20 World Cup in Chile, and the Blues could make a move to sign the talented midfielder from Kwara Football Academy, according to The Sun. Kamaldeen, 16, came off the bench in Nigeria’s 1-0 defeat against Norway and was close to finding an equalizer. But, playing against players five years older than him, he could start against Saudi Arabia in Nigeria’s next game.

– Manchester United and Tottenham are leading Fulham in the race for Middlesbrough midfielder Hayden Hackney, according to TEAMtalk. Hackney, 23, starred for Boro last season and has started the new campaign where he left off, with one goal and two assists as his side top the Championship by four points. The England U21 international attracted interest during the summer but no official bid was received, though that could change in January.

– With speculation mounting over the future of Ruben Amorim at Manchester United, Bournemouth are moving quickly in an attempt to get boss Andoni Iraola to sign a new deal beyond 2026 to fend off any interest from Old Trafford. TalkSPORT claims that the unbeaten Cherries are intensifying talks with the 43-year-old manager after an impressive start to the season, which sees them sit sixth in the table despite losing a host of key players in the summer.

EXPERT TAKE

play

1:46

Laurens: West Ham were right to sack Potter

Julien Laurens reflects on West Ham’s decision to sack Graham Potter and appoint Nuno Espírito Santo.

OTHER RUMORS

– Speculation continues to grow around the future of Bayern Munich winger Michael Olise, with Liverpool, Manchester City and Chelsea all monitoring the former Crystal Palace star at around €100m. (AS)

– Manchester United have agreed to sign 17-year-old Fortaleza midfielder Cristian Orozco for $1 million, and the Colombian will join when he is 18. (Fabrizio Romano)

– Brighton manager Fabian Hurzeler says he is committed to the club amid interest from Manchester United. (TalkSPORT)

– One of the longest-running contract sagas is expected to come to an end with Barcelona close to agreeing a new deal with midfielder Frenkie de Jong. (Sport).

– AC Milan would be interested if Liverpool allow defender Joe Gomez to leave in January, but the Reds have to find a replacement first. (Caught Offside)

– Crystal Palace have identified Sporting CP defender Ousmane Diomande and Chelsea’s Josh Acheampong as replacements for Marc Guehi, who could join Liverpool in January or next summer. (Sun)

– Chelsea striker Nicholas Jackson says he feels at home on loan at Bayern Munich, with the German club exploring a permanent move for €65m. (Sky Sports)

– Tottenham midfielder Rodrigo Bentancur, 28, is ready to sign a new contact to extend his deal beyond 2026. (Athletic)

– Tottenham, West Ham and Nottingham Forest are interested in a €15m move for Parma striker Mateo Pellegrino. (Tuttosport)

– Premier League rivals are taking interest in Brighton’s Yankuba Minteh. The 21-year-old winger has impressed following his move from Newcastle, but the Seagulls are keen to keep hold of him. (TEAMtalk)

– AC Milan want to sign Barcelona striker Robert Lewandowski, 37, if he decides to leave Spain. (Sport)

– Juventus are making progress over a new contract for star midfielder Kenan Yildiz, 20. (Fabrizio Romano)

– FC Porto are monitoring Brighton winger Tommy Watson and could return with a new bid after seeing a late loan move in the summer rejected. (Football Insider)

– England midfielder James Ward-Prowse is set to leave West Ham in January. (TalkSPORT)



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Bullish to Offer Bitcoin Options Trading With Top-Tier Consortium of Trading Partners
Crypto Trends

Bullish to Offer Bitcoin Options Trading With Top-Tier Consortium of Trading Partners

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Bullish (BLSH), the NYSE-listed digital assets platform focused on institutional investors and parent company of CoinDesk, will tentatively launch crypto options trading from Oct. 8.

These bitcoin BTC$111,480.33 options will be margined and settled in the regulated, dollar-pegged stablecoin USDC, which boasts a market cap of $73.85 billion at press time, the second-largest in the stablecoin industry. Additionally, they will be European-style options with expiries ranging from three weeks to three months. The contract multiplier will be 1, meaning one contract represents one full BTC.

The exchange plans to list options tied to ether, as well as other single assets and multi-asset indices, such as the CoinDesk 20 and CoinDesk 5, in the future.

Bullish’s decision to launch options is part of a broader industry trend marked by increasing demand for hedging instruments across the full spectrum of crypto products. This growing appetite is exemplified by the rising popularity of options tied to BlackRock’s spot Bitcoin ETF, which now rivals Deribit’s BTC options.

“Bullish is investing significantly in its institutional offering,” said Chris Tyrer, President of Bullish Exchange. “Our journey began with spot trading, expanded to include margin, then perpetual and dated futures, and now reaches a new milestone with the introduction of options.”

He added that the new product aims to deliver a complete derivatives product suite with capital efficiency and risk mitigation, all accessible through a single, unified trading account.

Options are derivative contracts that grant the holder the right, but not the obligation, to buy or sell a specific asset, such as bitcoin or other cryptocurrencies, at a predetermined price within a set time frame. A call option gives the right to buy, representing a bullish bet on the market, while a put protects against potential price losses.

The special thing about options is that they facilitate three-dimensional trading, allowing traders to bet on the price direction, the degree of price volatility and leverage time to expiration. This multi-faceted nature enables traders to create synthetic positions by combining spot, futures, and options markets, allowing them to manage risk with more tailored and flexible strategies.

Consortium of day-one trading partners

Bullish’s new options have been designed in close collaboration with leading options market makers, technology providers, and brokers to ensure they are specifically tailored to meet the needs of institutional investors.

More importantly, from day one, these options will be supported by a range of confirmed industry heavyweights as trading partners, including Abraxas Capital Management, Ampersan, B2C2, BlockTech, Cumberland, FalconX, Fig Markets, Flow Traders, Galaxy Digital, Monarq Asset Management, Pulsar, SignalPlus, Wintermute, and Qube Research & Technologies.

“Galaxy is excited to support the next chapter of Bullish’s journey,” said Jason Urban, Global Head of Trading at Galaxy. “The addition of options to its product suite is a strong step forward – enhancing liquidity, deepening price discovery, and strengthening the overall maturity of the crypto derivatives market.”

Unified margin system

The global crypto options market is valued at over $50 billion in notional open interest, with Deribit alone accounting for more than 80% of the activity. In other words, the exchange has a massive head start compared to the impending Bullish options contracts.

Still, Bullish’s announcement stands out due to the platform’s unified margin system, according to Tyrer.

“Bullish clients access all products via our unified account structure, allowing them to trade spot, perps, dated futures and now options with risk offsets and portfolio collateralization. This setup is designed for maximum capital efficiency, which is of paramount importance to our institutional client base,” Chris Tyrer, President of Bullish Exchange, said.

On Deribit, Segregated Standard Margin is the default margin system, which means that standard margin, the initial margin and maintenance margin (MM) requirements are calculated separately for each position in the account. These requirements are then summed together to generate the total margin requirements for the account.

Lastly, Bullish already has vibrant futures and spot markets, which are often seen as a prerequisite for a successful options product.

Since its launch in November 2021, Bullish has surpassed $1.5 trillion in cumulative trading volume. This year, the platform has executed over $2 billion in average daily volume and ranks in the top ten exchanges by spot volume for bitcoin and ether.

The business is licensed by the New York State Department of Financial Services, German Federal Financial Supervisory Authority, Hong Kong Securities and Futures Commission, and the Gibraltar Financial Services Commission.



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Microsoft hikes price of Xbox Game Pass by 50% "to offer more flexibility, choice, and value to all players"
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Microsoft hikes price of Xbox Game Pass by 50% “to offer more flexibility, choice, and value to all players”

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Microsoft is raising the price of its subscription service Xbox Game Pass, with its most expensive tier, Xbox Game Pass Ultimate, increasing from $19.99/£14.99 to $29.99/£22.99 per month.

Xbox Game Pass Standard — now rebadged as Xbox Game Pass Premium — has increased from $11.99/£9.99 to $14.99/£10.99 a month, and its most affordable tier, formerly known as Core but now renamed Xbox Game Pass Essential, costs $9.99/£6.99. The cost for PC Game Pass has similarly been increased from $11.99/£9.99 to $16.49/£13.49 per month.

Microsoft says the increase comes as it expands its offering, with Fortnite Crew (valued at $11.99/month) and Ubisoft+ Classics (valued at $7.99/month) added to its Ultimate library, as well as enhanced Xbox Cloud Gaming streaming quality and access to over 75 day one releases a year, including Call of Duty: Black Ops 7.

“Our goal with Game Pass has been clear: deliver unmatched value, benefits, and a deep library of games for our players,” the company said. “Since launching in 2017, we’ve steadily grown our subscriber and creator satisfaction – and today, creator participation and player engagement in Game Pass are at an all-time high. But we have the opportunity for Game Pass to help more players find the creators and games they love.

“We know not everyone wants the same thing in their Xbox experience, so we’re evolving Game Pass to offer more flexibility, choice, and value to all players, whether you love day one releases, discovering hidden gems, or playing across multiple devices and screens and across Xbox consoles, Xbox on PC, and Xbox Cloud.”

Some players responding to the news online to check their subscriptions or cancel are reporting issues loading the website or app.

The price increase follows last week’s announcement that a second price increase for Xbox Series X|S consoles in the United States, rising from between $20 to $70 across its hardware range, was on the way.

The price hike also comes just days after new research showed that in August 2025, Xbox players played an average of 5.7 different titles compared to 3.7 titles played by PlayStation users.



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Seasonality, Strategy (MSTR), Nvidia (NVDA) And Others Offer Mixed Signals
NFT Gaming

Seasonality, Strategy (MSTR), Nvidia (NVDA) And Others Offer Mixed Signals

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This is an analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

As we approach the final quarter of 2025, the following key charts provide valuable insights to help crypto traders navigate the evolving market landscape.

Bullish seasonality

Seasonal trends suggest a bullish Q4 outlook for both BTC$109,398.64 and ETH$4,010.26, the top two cryptocurrencies by market capitalization.

Since 2013, BTC$109,398.64 has delivered an average return of 85% in the final quarter, according to data from Coinglass, making Q4 historically the strongest period for bulls.

Seasonality leans bullish for BTC and ETH. (Coinglass)

November stands out as the most bullish month, with an average gain of 46%, followed by October, which typically sees a 21% increase.

ETH$4,010.26 also tends to perform well in the last three months of the year, although its strongest historical returns have been in the first quarter since inception.

BTC’s 50-week SMA support

Bitcoin’s price has dropped by 5% this week, consistent with the bearish technical signals and looks set to extend losses to late August lows near $107,300. If bulls fail to defend that, the focus will shift to the 200-day simple moving average at $104,200.

The ongoing price decline, combined with bitcoin’s historical pattern of peaking approximately 16 to 18 months after a halving event, may scare bulls.

However, such concerns may be premature as long as prices remain above the 50-week simple moving average (SMA). This moving average has consistently acted as a support level, marking the end of corrective price pullbacks during the current bull run that began in early 2023.

BTC’s weekly chart in candlesticks format. (TradingView/CoinDesk)

Traders, therefore, should closely watch the 50-week SMA, which is currently positioned around $98,900, as a key level for broader market direction.

XRP/BTC compression

XRP, often called the “U.S. government coin” by firms like Arca, has surged 32% this year. However, despite this strong rally, the payments-focused cryptocurrency remains confined within a prolonged sideways trading range against Bitcoin (XRP/BTC), showing limited relative strength.

The XRP/BTC pair has been confined within a narrow trading range since early 2021, resulting in over four years of low-volatility compression.

Prolonged range play in XRP/BTC. (TradingView/CoinDesk)

Recent price action near the upper boundary of this channel suggests that bulls are gradually gaining control. A breakout from such a prolonged consolidation could trigger a powerful rally in XRP relative to BTC, as the accumulated energy from this squeeze is released.

Now, let’s turn to charts that call for caution.

Breakout in Defiance Daily Target 2x Short MSTR ETF (SMST)

The leveraged anti-Strategy ETF (SMST), which seeks to deliver daily investment results that are -200%, or minus 2x, the daily percentage change in bitcoin-holder Strategy’s (MSTR) share price, is flashing bullish signals.

The ETF’s price climbed to a five-month high of $35.65, forming what appears to be an inverse head-and-shoulders pattern, characterized by a prominent trough (the head) flanked by two smaller, roughly equal troughs (the shoulders).

Defiance Daily Target 2x Short MSTR ETF (SMST). (TradingView/CoinDesk)

This pattern often signals a potential bullish reversal, suggesting the ETF may be gearing up for a significant upward move.

In other words, it’s flashing a bearish signal for both BTC and Strategy, which is the largest publicly listed BTC holder with a coin stash of 639,835 BTC.

Dollar Index’s double bottom

Last week, I discussed the dollar’s post-Fed rate cut resilience as a potential headwind for risk assets, including cryptocurrencies.

The dollar index has since gained ground, establishing a double bottom at around 96.30. It’s a sign that bulls have successfully established the path of least resistance on the higher side.

Dollar Index. (DXY). (CoinDesk/TradingView)

A continued move beyond 100.26, the high of the interim recovery between the twin bottoms around 96.30, would confirm the so-called double bottom breakout, opening the door for a move to 104.00.

Watch out for the pattern failure below 96.00, as that could lead to increased risk-taking in financial markets.

NVDA topping?

Nvidia (NVDA), the world’s largest listed company by market value, and a bellwether for risk assets, continues to flirt with the upper end of the broadening channel identified by June 2024 and November 2024 highs and lows hit in August 2024 and April 2025.

NVDA’s bull run has stalled at key resistance. (TradingView/CoinDesk)

The rally has stalled at the upper trendline since late July in a sign of bullish exhaustion. Should it decline from here, it could signal the onset of a risk-off period in global markets, including cryptocurrencies.



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Morgan Stanley to offer crypto trading on E-Trade in 2026
NFT Gaming

Morgan Stanley to offer crypto trading on E-Trade in 2026

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Morgan Stanley is bringing crypto to Main Street—starting with E-Trade customers in 2026.

Summary

  • Morgan Stanley plans to let retail investors trade Bitcoin, Ethereum, Solana, and other top tokens via its E-Trade platform, leveraging a new partnership with crypto startup Zerohash.
  • The move marks another step in Morgan Stanley’s push into digital assets, complementing its wealth management business—which generated nearly half of the bank’s 2024 revenue.
  • The Wall Street firm looks to compete with Robinhood, Charles Schwab, and other retail trading platforms.

The New York-based bank will launch the crypto trading service via discount brokerage platform E-Trade in a tie-up with digital assets platform Zerohash.

Reuters reported that the upcoming launch of crypto trading by Morgan Stanley follows a key partnership with crypto startup Zerohash. It also follows Morgan Stanley’s acquisition of E-Trade for $13 billion in 2020, one of the many steps the bank has taken to increase its footprint in the digital assets space. The bank’s plans to offer crypto trading via E-Trade first surfaced in May this year.

Bitcoin, Ethereum trading on E-Trade

When the crypto trading service, targeted for retail customers rolls out in the coming year, E-Trade will allow customers to buy the top cryptocurrencies Bitcoin (BTC), Ethereum (ETH) and Solana (SOL) among others, the bank said.

Morgan Stanley’s crypto trading foray adds to its increased embrace of the ecosystem, which per its earnings results, is a major component in the quest to bolster its wealth management offering.

According to details, almost half of the Wall Street giant’s revenue in 2024 was from wealth management. The digital assets market, increasingly attractive to banks amid the crypto-friendly regulatory landscape in the United States, is thus an important market for Morgan Stanley.

E-Trade’s offering in partnership with Zerohash will see the bank take a step towards eating into the market where players such as Robinhood and Charles Schwab are active. 

The announcement of the Zerohash tie-up comes on the same day the crypto platform announced it hit unicorn status amid a $104 million raise in a series D-2 funding round. Interactive Brokers led the funding round, with backing from Morgan Stanley and SoFi among other venture capital firms and investors.

Zerohash will use the capital injection to expand its product, grow its team and deploy innovative solutions to problems impacting the financial markets.



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Coinbase Integrates Morpho to Offer Up to 10.8% USDC DeFi Yield
Crypto Trends

Coinbase Integrates Morpho to Offer Up to 10.8% USDC DeFi Yield

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Coinbase is rolling out a new way for users to earn yields on their USDC holdings, marking one of the exchange’s first large-scale integrations with decentralized finance (DeFi) at a time of accelerating stablecoin adoption.

The company announced Thursday that it is integrating the Morpho lending protocol, with vaults curated by DeFi advisory company Steakhouse Financial, directly into the Coinbase app. The move will allow users to lend USDC (USDC) without navigating third-party DeFi platforms or wallets.

Coinbase already pays up to 4.5% APY in rewards for holding USDC on its platform. With the new DeFi lending option, however, users can tap into onchain markets and potentially earn yields of up to 10.8% as of Wednesday, according to Coinbase.

“Coinbase is only integrated with one lending protocol (Morpho) for this offering,” a company spokesperson told Cointelegraph. “We recommend that users understand the risks of lending, which are outlined in the Coinbase app experience.”

Morpho ranks among the largest decentralized lending protocols in crypto, with more than $8.3 billion in total value locked (TVL), according to DefiLlama. The protocol’s dollar-denominated TVL has climbed sharply this year, reflecting growing demand for onchain lending.

Morpho TVL statistics. Source: DefiLlama 

The Morpho integration with Coinbase comes as more Americans express interest in using DeFi platforms amid a friendlier regulatory backdrop. A recent survey of 1,321 US adults conducted for lobbying group DeFi Education Fund found that 40% would be open to using such protocols if pending crypto legislation were enacted into law.

Among institutional circles, DeFi lending has jumped 72% year-to-date, according to Binance Research.

DeFi lending protocols, including Morpho, have experienced a significant surge among institutional investors. Source: Binance Research

Related: The intersection of DeFi and AI calls for transparent security

Stablecoin yield ban under fire as industry challenges perceived GENIUS Act loophole

DeFi lending for yield differs from simply earning passive interest on stablecoin holdings — a distinction that has become increasingly contentious since the passage of the US GENIUS Act, which explicitly bans yield-bearing stablecoins. 

In August, the Bank Policy Institute (BPI) — a lobbying group backed by major US banks — urged regulators to close what it described as a loophole that might permit exchanges or affiliates to provide yield through third-party partners.

Source: Bank Policy Institute

“Bank deposits are an important source of funding for banks to make loans, and money market funds are securities that make investments and subsequently offer yield. Payment stablecoins serve a different purpose, as they neither fund loans nor are regulated as securities,” BPI said in a statement. 

The pushback comes as stablecoin adoption accelerates, with circulating supply recently surpassing $300 billion, according to CoinMarketCap.

Coinbase, meanwhile, rejected claims that dollar-pegged stablecoins undermine traditional banking. “Stablecoins don’t threaten lending — they offer a competitive alternative to banks’ $187 billion annual swipe-fee windfall,” the exchange wrote in a Tuesday blog post.

Related: Crypto Biz: IPO fever, Ether wars and stablecoin showdowns



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Mark Hamill in Star Citizen and GTA 6 cover art
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Uber reveals plans to offer helicopter taxis in new partnership

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Uber users in will soon be able to book helicopter rides through the app, thanks to an expanded partnership with Joby Aviation’s new Blade transport company.

The new option will let travelers request Joby-operated helicopters to and from area airports directly in the Uber app, appearing as a premium alternative alongside regular ride types. The feature is expected to go live as early as 2026.

Uber has worked with Joby Aviation since 2019, when it sold its Elevate division to the electric aircraft developer. Joby is targeting FAA certification for its electric vertical takeoff and landing aircraft in 2025, with a commercial launch slated for 2026. Once certified, Joby’s eVTOL aircraft will also be integrated into the Uber platform.

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This comes after Joby announced its $125 million acquisition of Blade, a helicopter and air transport company that will be the structure behind the Uber helicopters.

Unsplash: austindistel

Uber’s familiarity with helicopters

This isn’t the first time Uber has given customers the ability to order a helicopter through the app. Before 2020, the rideshare company offered rides around New York – but those flights ended when they sold that division to Joby in 2020.

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Uber has also offered its UberChopper service in Dubai, where customers in the country could order 12, 15, or 25-minute sightseeing tours around the area. But, like the New York flights, the Dubai tours are no longer available in 2025.

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The deal underscores Uber’s strategy to expand into aerial transport, starting with helicopters now and moving toward electric air taxis once regulators give the green light.



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Stablecoins Must Offer Yield to Compete: Former Standard Chartered Tokenization Head

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In brief

  • Multiliquid CEO Will Beeson has argued yield is important for stablecoins to scale in a competitive market.
  • The GENIUS Act banned issuers from paying interest but leaves openings for third-party arrangements.
  • Banks have warned loopholes could drive trillions in deposits out of the U.S. banking system.

The clash between Wall Street and the crypto sector over yield-bearing stablecoins is intensifying in Washington.

The stablecoin industry needs more options for offering yield to users, according to Will Beeson, founder and CEO of RWA liquidity layer Multiliquid and Uniform Labs, and former head of tokenized asset infrastructure at Standard Chartered.

“In a competitive market with others issuing their own stablecoins, you end up in a situation where you’re looking for ways to incentivize users to use your stablecoin,” Beeson told Decrypt. “The ability to pay yield would be an important way to do that.”

The GENIUS Act and stablecoin yields

Beeson’s comments come as the federal government implements the GENIUS Act, legislation signed by President Donald Trump in July to create the first formal U.S. framework for stablecoin issuance and trading. While the law bars issuers from paying yield, it stops short of banning third parties such as exchanges from offering interest or rewards on stablecoin holdings.

For instance, crypto exchange Coinbase pays interest on USDC balances held on its platform in Circle’s stablecoin USDC, effectively offering yield through a third party.

“What is prohibited under GENIUS is the ability for stablecoin issuers to pay interest or yield directly to holders,” Beeson explained. “The bill does not prevent intermediaries or third parties from paying incentives.”

That gap has become the flashpoint of a lobbying battle. “My understanding is that it has to do with requests by the banking lobby as the regulation was structured, and fears about yield-bearing stablecoins effectively providing a much more attractive savings tool than lower-yielding bank deposits,” Beeson said.



Banks have pressed Congress to close the door completely. In an August 12 letter, the Bank Policy Institute and four other major trade groups warned lawmakers that leaving the so-called loophole intact could drain as much as $6.6 trillion from the U.S. deposit system.

“Without an explicit prohibition applying to exchanges, which act as a distribution channel for stablecoin issuers or business affiliates, the requirements in the GENIUS Act can be easily evaded and undermined by allowing payment of interest indirectly to holders of stablecoins,” it said.

“The result will be greater deposit flight risk, especially in times of stress, that will undermine credit creation throughout the economy,” the BPI’s letter argued, adding that the resulting reduction in credit supply would lead to “higher interest rates, fewer loans, and increased costs for Main Street businesses and households.”

Crypto groups fight back

Crypto groups have fought back. On August 20, the Blockchain Association and the Crypto Council for Innovation sent their own letter urging regulators to resist bank pressure and disputing the $6.6 trillion claim. “This claim does not hold up to scrutiny,” the letter read.

Cutting off yield, they warned, would freeze innovation and leave U.S. firms at a disadvantage internationally. “Allowing responsible, robustly regulated platforms to share benefits with customers is not a loophole – it is a feature that promotes financial inclusion, fosters innovation, and ensures American leadership in the next generation of payments,” they said.

Still, Beeson said expectations for any near-term change to the law should be tempered. “I think realistically it’s less than a fifty percent chance,” he said, pointing to Washington’s legislative gridlock.

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Stablecoins Offer Beijing What e-CNY Can’t in Cross-Border Use, Economist Says

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Good Morning, Asia. Here’s what’s making news in the markets:

Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.

China’s growing focus on stablecoins is less about embracing crypto and more about defending its currency from U.S. dollar dominance, says Dr. Vera Yuen of Hong Kong University’s Business School, who argues the shift highlights offshore opportunities but also deep domestic limits.

Beijing’s shift comes as Washington moved first to create a regulatory framework for the stablecoin industry in the U.S. Reuters recently reported that China’s State Council is reviewing a roadmap for yuan-backed stablecoins later this month, with Hong Kong and Shanghai expected to fast-track adoption.

In an earlier interview, Animoca Group president Evan Auyang told CoinDesk the trigger was the U.S. GENIUS Act, which cements dollar-pegged tokens as part of global finance.

He said the law is “pressuring China to act a lot faster,” pushing Beijing to consider stablecoins not as speculative instruments, as once described by the People’s Bank of China, but as necessary infrastructure to keep pace in global trade and settlement.

Yuen said the government first prioritized the e-CNY, its Central Bank Digital Currency, because it offered control, traceability, and seigniorage profits — features that regulators valued over those of privately issued tokens. But she noted that stablecoins have a clear edge in international use.

“Many CBDCs are developed for domestic use, so for international use of CBDCs, there is a big problem of interoperability of different systems. Stablecoins are designed to be used internationally, so it can be a better option for cross-border transactions,” she told CoinDesk.

“Focusing on stablecoins allows China to respond proactively to global regulatory debates and technological advances, ensuring it remains competitive and prepared as the digital currency landscape evolves,” Yuen continued.

Capital controls still mean any yuan token will stay offshore, with Hong Kong’s new regime providing the testing ground. However, limited CNH liquidity underscores how narrow the runway is for China’s internationalization push.

“This would limit the issuance of offshore renminbi stablecoins, constraining its attractiveness as a means of payment,” Yuen said.

China is also not moving in isolation.

In Japan, Monex Group is preparing to issue a yen-backed stablecoin tied to government bonds, joining other domestic players such as SBI and JPYC.

Unlike China, however, where capital controls push experimentation offshore, Japan’s regulators are laying the groundwork for stablecoins to circulate at home, signaling Asia’s broader race to keep pace with U.S. dollar tokens.

For now, Beijing’s stablecoin experiment looks less like a replacement for the e-CNY and more like a cautious complement, a way to extend the yuan’s reach abroad without loosening its grip at home.

Market Movements

BTC: BTC held at $111K as Nvidia posted strong earnings.

ETH: ETH is trading at $4,500, and history shows that a green August often precedes a 60% year-end rally, though typically after a September dip.

Gold: Gold traded Wednesday at $3,443 per ounce, up 1.6% from Tuesday’s close, extending a 37% year-over-year rally, though prices slipped in early trading as attention turned to Nvidia earnings and Trump’s Fed feud.

S&P 500: The S&P 500 rose 0.2% Wednesday, pushing Wall Street to a new all-time high ahead of Nvidia’s earnings.

Elsewhere in Crypto

  • Former Polymarket exec raises $15 million from Coinbase and USV for rival prediction platform (The Block)
  • Finastra Taps Circle to Bring USDC Settlement to $5T Global Cross-Border Payments (CoinDesk)
  • Know Your Issuer’: This Tech Combats Counterfeit Coins, Starting With USDC and PYUSD (Decrypt)



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