No issuer may pay interest or yield on a payment stablecoin
What the document says“No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding, use, or retention of such payment stablecoin.”
Subsection (a)(11). The bar reaches both permitted issuers and foreign issuers, and it covers any form of interest or yield, whether paid in cash, tokens or other consideration. It applies to payments made solely in connection with holding, using or retaining the stablecoin.
What the document actually says“No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding, use, or retention of such payment stablecoin.”
A maker may not pay a holder for keeping a coin. It may not pay in cash. It may not pay in more coins or in anything else.
A bank pays interest on savings. This bars that here. The rule covers makers abroad as well as makers at home.
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