@shainemata: USDC on Coinbase does yield 4.5% in their exchange and mobile wallet. I think you’re correct that other stablecoins will have to consider passing through yield to users. If anything, as long as the coins and yield are in circulation, it grows their holdings. They’d have to buy more treasuries to back the interest issued. With more assets there are more or larger trades, which means greater revenue for them. Perhaps someday when securities are tokenized, they too can be settled with stablecoin. Pass through yield is slow drip liquidity for the markets.