The stablecoin business is entering a new phase as the long-standing model of issuers capturing most of the yield on customer-backed reserves comes under growing pressure—from crypto-native challengers to global payment giants—and is beginning to ripple through public markets.
At the center of the debate is a simple question that has increasingly shifted from technical trust to economic fairness: if stablecoins function as a kind of ‘digital dollar’ built on user deposits, who should benefit from the interest generated when those dollars are invested in short-term U.S. Treasuries and other… Read more






