The GENIUS Act, signed into law by President Donald Trump in July 2025, bars stablecoin issuers from paying interest directly to holders and takes effect in January.

From the articleBanks Hold a Lever Over Stablecoin Adoption, BIS Economists Say - DecryptAlso in Stablecoin Growth Cooled as Deposit Rates Rose, With USDC Most Exposed, Working Paper Says - Unchained, A 1-basis-point deposit rate rise cuts stablecoin growth from 15% to 12%, BIS paper finds