Yield-bearing stablecoins have had decent growth, now topping $6 billion in supply and paying out nearly $600 million to users, according to data from Stablewatch. But just as these products go mainstream, the U.S. Senate is moving forward with a stablecoin bill that could ban them outright in America.
In this episode, NYU professor and Zero Knowledge Consulting founder Austin Campbell joins Laura to break down:
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Why yield-bearing stablecoins are under fire in Washington
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Why Dems are pushing for the ban and who stands to benefit
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How this bill could give foreign issuers an edge over U.S. ones
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Whether yield-bearing stablecoins are securities under U.S. law
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And what the future holds for projects like Ethena, Sky, and others
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Timestamps:
0:00 Introduction
💣 1:29 Why the new stablecoin bill takes direct aim at yield-bearing stablecoins
🗳️ 3:36 How Democrats are driving the push for a ban and what their motivations might be
🏦 6:28 Why calling stablecoins “banks” leads to major policy confusion
🌍 13:49 How the bill could hand an advantage to offshore stablecoin issuers
🎒 19:31 Whether Tether is warning about risk or just protecting its own interests
⚖️ 21:09 Are yield-bearing stablecoins actually securities under U.S. law?
💰 23:40 What real benefits yield-bearing stablecoins offer to users
🚫 29:54 Why Austin opposes the proposed 10% interest cap
📚 32:04 Why Ethena would likely be regulated under market structure rules instead
📰 35:04 Weekly News Recap
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