‘We don’t have much beef in this fight’ says Tether CEO as stablecoin yield stalls crypto bill

Tether CEO Paolo Ardoino refuted a report suggesting the stablecoin issuer supported restrictions on stablecoin yield in the ongoing crypto market structure bill debate. Ardoino stated, "We don’t have much beef in this fight" because Tether does not share yield. This clarification comes as the debate over whether stablecoin issuers should pass yield to users has become a major sticking point in legislation, pitting banks, who fear competition with deposits, against some in the crypto industry. Previous legislation, the GENIUS Act, barred issuers from paying direct interest, though third-party platforms can still offer rewards. Coinbase recently pulled support for the Senate Banking Committee's version of the broader crypto bill over concerns about stablecoin rewards and DeFi treatment.

(Source：The Block)