Ethena's USDe Pays Yield Legally, And The GENIUS Act Has No Answer For It

When Congress wrote the GENIUS Act, it drew one bright line for stablecoins: a permitted payment stablecoin issuer cannot pay holders “any form of interest or yield.” That clause, Section 4(a)(11), is what forced Circle and Coinbase to rebuild how USDC holders earn. It is also the clause that the …