Tether supports stablecoin yield ban, distances itself from Coinbase in crypto market structure bill: Report
Crypto Briefing
Tether supports a stablecoin yield ban in draft US crypto legislation, contrasting with Coinbase's opposition.Summary
Tether's US arm reportedly met with senators to express support for a provision in the draft US crypto market structure bill that bans yield on stablecoins. This stance puts Tether at odds with Coinbase CEO Brian Armstrong, who withdrew support for the legislation due to this restriction, accusing the banking lobby of trying to eliminate competition for deposits. Coinbase actively advocates for permitting stablecoin yield, as it benefits financially from interest earned on USDC holdings. The disagreement surfaced shortly after Tether launched its USAT stablecoin, which is designed for the federal stablecoin framework, signaling a strategic alignment with US regulatory expectations despite industry division.
(Source：Crypto Briefing)