The U.S. GENIUS Act prohibits payment stablecoin issuers from paying interest or yield directly to holders, leading banks to separate yield-bearing deposits from non-yielding stablecoins.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Laws and rules for fiat-pegged tokens, from the US GENIUS Act to Europe's MiCA, covering reserves, licensing and yield restrictions.