A U.S. CLARITY bill has banned interest payments on stablecoins, raising the likelihood that capital will leave regulated markets and move overseas or into opaque financial structures, Cointelegraph reported on Jan. 24.
Colin Butler (콜린 버틀러), head of markets at Mega Matrix, said that if legal stablecoins cannot offer interest, capital would flow overseas or into financial structures outside regulation. Under the recently enacted GENIUS law, payment stablecoins such as USDC must be fully backed by cash or short-term U.S. Treasuries and cannot pay interest directly to holders.
With the yield on 3-month U.S. Treasuries at 3.6 percent and bank deposit rates falling, capital flows are likely to accelerate, Cointelegraph reported.
Andrei Grachev (안드레이 그라체프), a founding partner at Falcon Finance, said limiting onshore rates would lead unregulated "synthetic dollars" to fill the gap. He said the real risk is not synthetic dollars themselves, but unregulated synthetic dollars that operate without disclosure.
Chi-gyu Hwang
delight@d-today.co.kr