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:

Why yield-bearing stablecoins are under fire in Washington
Why Dems are pushing for the ban and who stands to benefit
How this bill could give foreign issuers an edge over U.S. ones
Whether yield-bearing stablecoins are securities under U.S. law
And what the future holds for projects like Ethena, Sky, and others

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

Unchained:

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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