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The new regulations for US stablecoins take effect, and the trading platform still offers a 3-5% yield plan.
[Chain News] On August 5, it was reported that after the U.S. "GENIUS Act" came into effect last month, which prohibits stablecoin issuers from providing passive income through staking or depositing balances to users, a certain trading platform and a certain payment company still continue to offer users an annual yield of 3%-5% through a "rewards program." The CEO of a certain trading platform explained in a financial report conference call that the company is not the issuer of USDC (which is issued by a certain company) and that what they offer is "rewards" rather than "interest," thus not violating the new regulations. A certain payment company also maintains its PYUSD stablecoin's 3.7% yield program through a third-party issuer. Senate staff indicated that the act only regulates the behavior of issuers and does not impose restrictions on secondary market service providers.