Source: SECFigure Markets is by no means the only player going down the yield-bearing stablecoin route. In February, Tether co-founder Reeve Collins announced that his Pi Protocol will allow investors to mint the USP stablecoin in exchange for USI, an interest-paying equivalent. Spark Protocol’s USDS also offers holders interest payments generated through decentralized lending and tokenized Treasurys. Stablecoins have come a long way since October 2014, when Tether launched USDt.
Related: Pareto launches synthetic dollar backed by private creditThe rise of yield-bearing stablecoinsCampbell’s scathing assessment of the traditional banking industry comes amid a wave of stablecoin issuers launching yield-bearing tokens. As reported by Cointelegraph, the US Securities and Exchange Commission (SEC) in February approved the first yield-bearing stablecoin security by Figure Markets.
America’s powerful banking lobby is “panicking” over the potential of stablecoins to disrupt their traditional business model, particularly when it comes to yield-bearing stablecoins, according to Austin Campbell, a New York University professor and founder of Zero Knowledge Consulting.
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