STABLECOINS: THE LAW SAYS NOBODY CAN PAY YOU INTEREST AND HERE IS WHO GETS IT…
リアクション
2026年09月17日
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#Stablecoins #GENIUSAct #USDC
CHAPTERS
0:00 GENIUS Act Stablecoin Law Signing
1:51 GENIUS Act And Circle 10-K Documents Explained
4:29 GENIUS Act reserve rules: 93-day Treasury bills
6:20 3.78% T-bill rate on $75.3 billion USDC
7:37 Section 4(a)(11) Prohibition On Interest
8:53 Circle 10-K: $2.6 billion reserve income
10:18 Coinbase Payments From USDC Interest
13:30 How To Calculate Stablecoin Interest
16:59 Treasury Question 14 On Exchange Rewards
19:26 Why Banks Wanted The Stablecoin Yield Ban
The GENIUS Act (Public Law 119-27, signed July 18, 2025) is the first federal stablecoin law, and Section 4(a)(11), headed Prohibition on Interest, bars any permitted payment stablecoin issuer from paying holders interest or yield in cash, tokens or other consideration. The same law requires reserves in short-dated US government debt such as Treasury bills of 93 days or less, which pay interest. We read the statute, then Circle's 2025 Form 10-K: $2,636,822,000 of reserve income, 96% of total revenue, and $1,663,651,000 of distribution, transaction and other costs, including payments to Coinbase tied to USDC net reserve income. You get a four-step method to work out what your own USDC, USDT, PYUSD or RLUSD balance generates at the 13-week T-bill rate, why stablecoins are not FDIC insured, Treasury's question 14 on whether indirect payments through exchanges are prohibited, and the Congressional Research Service report on why banks fought stablecoin yield.
Sources (all public):
1. Public Law 119-27, GENIUS Act (govinfo.gov): https://www.govinfo.gov/content/pkg/PLAW-119publ27/pdf/PLAW-119publ27.pdf
2. US Treasury, Daily Treasury Bill Rates: https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates&field_tdr_date_value=2026
3. Circle Internet Group, Form 10-K for fiscal 2025: https://www.sec.gov/Archives/edgar/data/1876042/000187604226000062/crcl-20251231.htm
4. Treasury, GENIUS Act Implementation ANPRM, Federal Register Sept 19, 2025: https://www.govinfo.gov/content/pkg/FR-2025-09-19/pdf/2025-18226.pdf
5. Congressional Research Service, The Stablecoin Yield Debate (IF13174): https://www.everycrsreport.com/reports/IF13174.html
READ BEFORE WATCHING
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No Advice, High Risk: This content is for education and entertainment only—not financial, legal, tax, or investment advice. Crypto trading carries extreme risks, including total loss. We’re not licensed advisors or brokers. Consult professionals before acting. You bear all responsibility for your choices.
Liability Release: Bullrunners LLC, and its affiliates, disclaim all liability for any losses, damages, or claims (financial, reputational, or otherwise) from this content. Per our Terms, you indemnify and hold us harmless from legal actions, including attorney fees.
No Guarantees: We don’t promise profits. Past performance isn’t predictive. Affiliate links may earn commissions; do research before buying. We may hold crypto positions mentioned.
Legal Compliance: Not an offer to buy/sell securities under SEC/CFTC rules or any laws. You’re responsible for your jurisdiction’s regulations. Governed by Florida law per our terms; disputes resolved in Miami, Florida courts.
As always, results aren’t typical. So don’t be typical; stay bullish!
#DISCLAIMER This video is for educational purposes only. Not financial, legal or investment advice.
📊 Put Your XRP To Work Here: https://join.altcoinpro.com/9e5d43b4
🚀 Attend the Altcoin Pro Summit LIVE - October 2-4! Get your tickets now before they’re gone: https://join.altcoinpro.com/e150dd23
Connect With Us:
📩 Email: Team@bullrunners.com
🦅 X: https://x.com/BullrunnersHQ
📸 Instagram: https://www.instagram.com/Bullrunners
📲 TikTok: https://www.tiktok.com/@bullrunners
💬 Telegram: https://t.me/bullrunnersofficial
Subscribe: https://www.youtube.com/@Bullrunners
#Stablecoins #GENIUSAct #USDC
CHAPTERS
0:00 GENIUS Act Stablecoin Law Signing
1:51 GENIUS Act And Circle 10-K Documents Explained
4:29 GENIUS Act reserve rules: 93-day Treasury bills
6:20 3.78% T-bill rate on $75.3 billion USDC
7:37 Section 4(a)(11) Prohibition On Interest
8:53 Circle 10-K: $2.6 billion reserve income
10:18 Coinbase Payments From USDC Interest
13:30 How To Calculate Stablecoin Interest
16:59 Treasury Question 14 On Exchange Rewards
19:26 Why Banks Wanted The Stablecoin Yield Ban
The GENIUS Act (Public Law 119-27, signed July 18, 2025) is the first federal stablecoin law, and Section 4(a)(11), headed Prohibition on Interest, bars any permitted payment stablecoin issuer from paying holders interest or yield in cash, tokens or other consideration. The same law requires reserves in short-dated US government debt such as Treasury bills of 93 days or less, which pay interest. We read the statute, then Circle's 2025 Form 10-K: $2,636,822,000 of reserve income, 96% of total revenue, and $1,663,651,000 of distribution, transaction and other costs, including payments to Coinbase tied to USDC net reserve income. You get a four-step method to work out what your own USDC, USDT, PYUSD or RLUSD balance generates at the 13-week T-bill rate, why stablecoins are not FDIC insured, Treasury's question 14 on whether indirect payments through exchanges are prohibited, and the Congressional Research Service report on why banks fought stablecoin yield.
Sources (all public):
1. Public Law 119-27, GENIUS Act (govinfo.gov): https://www.govinfo.gov/content/pkg/PLAW-119publ27/pdf/PLAW-119publ27.pdf
2. US Treasury, Daily Treasury Bill Rates: https://home.treasury.gov/resource-center/data-chart-center/interest-rates/TextView?type=daily_treasury_bill_rates&field_tdr_date_value=2026
3. Circle Internet Group, Form 10-K for fiscal 2025: https://www.sec.gov/Archives/edgar/data/1876042/000187604226000062/crcl-20251231.htm
4. Treasury, GENIUS Act Implementation ANPRM, Federal Register Sept 19, 2025: https://www.govinfo.gov/content/pkg/FR-2025-09-19/pdf/2025-18226.pdf
5. Congressional Research Service, The Stablecoin Yield Debate (IF13174): https://www.everycrsreport.com/reports/IF13174.html
READ BEFORE WATCHING
AGREEMENT REQUIRED: By watching this video, you agree to our Terms of Service (https://www.bullrunners.com/terms-of-service) and Privacy Policy (https://www.bullrunners.com/privacy-policy)
Disagree? Stop watching now.
No Advice, High Risk: This content is for education and entertainment only—not financial, legal, tax, or investment advice. Crypto trading carries extreme risks, including total loss. We’re not licensed advisors or brokers. Consult professionals before acting. You bear all responsibility for your choices.
Liability Release: Bullrunners LLC, and its affiliates, disclaim all liability for any losses, damages, or claims (financial, reputational, or otherwise) from this content. Per our Terms, you indemnify and hold us harmless from legal actions, including attorney fees.
No Guarantees: We don’t promise profits. Past performance isn’t predictive. Affiliate links may earn commissions; do research before buying. We may hold crypto positions mentioned.
Legal Compliance: Not an offer to buy/sell securities under SEC/CFTC rules or any laws. You’re responsible for your jurisdiction’s regulations. Governed by Florida law per our terms; disputes resolved in Miami, Florida courts.
As always, results aren’t typical. So don’t be typical; stay bullish!
#DISCLAIMER This video is for educational purposes only. Not financial, legal or investment advice.
