Overview

• Patrick Collison argued depositors should earn market-like returns as yield-bearing stablecoins gain traction, calling low bank payouts a losing position.
• Stablecoin capitalization has climbed past $300 billion since the GENIUS Act took effect in July, up from roughly $253 billion, according to DefiLlama data.
• The GENIUS Act prohibits direct yields from issuers, while banking trade groups warn that third‑party reward structures create loopholes that need to be closed.
• Stripe’s Bridge unit launched Open Issuance on September 30 to let companies mint and manage stablecoins with less friction, signaling easier on-ramps for new issuers.
• Coinbase’s Brian Armstrong criticized efforts to curtail rewards, Senator Kirsten Gillibrand flagged risks to bank deposits, and industry leaders forecast broader migration of fiat onto blockchain rails.