Coinbase CEO calls for stablecoins to pay interest but is rejected by US lawmakers, the STABLE Act will be reviewed this week
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CEO Brian Armstrong recently called on Congress on the X platform to allow stablecoins to pay interest to users, otherwise it would be detrimental to competition in the crypto industry. However, House Financial Services Committee Chairman French Hill stated that stablecoins should be viewed as payment tools rather than investment products, and prohibiting interest is a consensus among both houses of Congress. This position suggests that "high-yield stablecoins" promoted by institutions like Coinbase and World Liberty may struggle to gain legislative support. It is reported that the STABLE Act will enter the review process in the House of Representatives this Wednesday. (Decrypt)
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