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Banking Regulator Floats New Stablecoin Yield Rules—Do They Hurt Coinbase?
The OCC has proposed new rules under the GENIUS Act that could restrict stablecoin yield programs, potentially impacting Coinbase's USDC rewards. While some experts believe these rules could affect the arrangement with Circle, others suggest loopholes or future changes may mitigate the impact. The banking industry is pushing for stricter permanent restrictions.
Tether froze $4.2B in tokens tied to illicit activity in 3 years: Report
Tether has frozen approximately $4.2 billion in USDt linked to illicit activities over the past three years, with a significant portion frozen since 2023. This action highlights increasing reliance on stablecoin issuers by authorities to combat fraud and sanctions evasion. Concurrently, USDt is experiencing its largest monthly supply drop in three years, though Tether attributes this to distribution changes rather than demand.
OCC Opens the Door for Crypto Firms to Operate as National Trust Banks
The OCC has updated regulations, allowing crypto firms with national trust charters to offer custody services as a core business. This provides a clearer legal framework for companies like Ripple, Circle, and Paxos, potentially blurring the lines between traditional and crypto banking. However, some industry bodies are pushing back, questioning the OCC's authority and the nature of these "crypto trust banks."
