USDT News: SEC Approves First Interest-Bearing Stablecoin, YLDS, Offering 0.5% Yield

In a significant milestone for the cryptocurrency industry, the Securities and Exchange Commission (SEC) has granted approval to the launch of YLDS, marking the emergence of the first interest-bearing stablecoin pegged to the US dollar and offering a yield of 0.5%.

SEC Approves First Interest-Bearing Stablecoin, YLDS, With 0.5% Yield

The Securities and Exchange Commission (SEC) has approved the launch of YLDS, the first interest-bearing stablecoin pegged to the US dollar and offering a 0.5% yield. The stablecoin, launched by Figure Markets, is set to compete directly with Tether (USDT) and USD Coin (USDC). According to CEO Mike Cagney, YLDS is fully compliant with SEC regulations, giving it a clear legal advantage over its competitors. The approval comes after Figure filed its application over a year ago, betting on a yield-generating, regulator-approved stablecoin to change the industry. The total market cap of stablecoins has surged past $225 billion, making this a timely development.

Crypto exchanges enter stablecoin race as Tether’s dominance slips

Crypto exchanges are increasingly entering the stablecoin market, aiming to release their own digital dollar substitutes. This move comes as Tether's USDT faces delisting due to regulatory changes in Europe. Exchanges like Kraken and Crypto.com see an opportunity to launch their own stable assets. Kraken, specifically, is reported to be developing a U.S. dollar-pegged stablecoin through its Irish entity. The global regulatory landscape is tightening, particularly in the EU, which has ordered the removal of non-compliant stablecoins, including USD Tether (USDT), by March 31. Kraken has stated its intention to auto-convert any non-compliant holdings, while its proprietary token is still in early stages of development.

GTA 6 Rumored to Support Crypto Payments

There are rumors that the upcoming GTA 6 game will support crypto payments, including Bitcoin, Ethereum, and USDT. This speculation has sparked intense debates in both the gaming and cryptocurrency communities. The potential integration of blockchain features and in-game rewards is being discussed. However, after careful consideration of Rockstar's stance on GTA 6 roleplay innovations and digital assets, some challenges affecting the gaming ecosystem have been uncovered, casting doubt on this idea.