The Stablecoin Yield Illusion
The U.S. finally banned interest on stablecoins. Yield didn’t disappear. It just learned how to hide.
In 2025, U.S. lawmakers did something the crypto industry said was impossible. They passed the GENIUS Act, a federal law that explicitly banned stablecoin issuers from paying interest.For regulators, this was supposed to end the quiet fear that stablecoins could become shadow savings accounts. No interest meant no competition with banks. The system would finally be boring.