Overview

• Platforms tied to leading stablecoins advertise roughly 3%–4% returns, far above average U.S. savings rates near 0.40%, as supply has added about $52 billion since July.
• Stripe CEO Patrick Collison said depositors should earn market-like returns, while Coinbase’s Brian Armstrong criticized lobbying to block rewards paid through partners.
• Banking trade groups pressed regulators and Congress to close a perceived loophole that could allow yields via exchanges or affiliates despite the GENIUS Act’s ban on issuer-paid interest.
• Treasury analyses model deposit outflows as high as $6.6 trillion in stressed U.S. scenarios, and a new Standard Chartered report projects about $1 trillion leaving emerging‑market banks over three years even without yield.
• Reward-linked products are expanding, with PayPal’s PYUSD up 117% in the past month and tripled since July on roughly 4% monthly rewards, as VCs predict Big Tech could move into stablecoin offerings.