Senators negotiating a long-stalled stablecoin bill said they have reached a tentative agreement with the White House on language meant to address one of the most contentious issues in the debate: whether stablecoin issuers or platforms should be allowed to offer yield to token holders.
According to a Politico report, Sen. Thom Tillis and Sen. Angela Alsobrooks said the agreement in principle could help move the legislation forward after months of delay in the Senate Banking Committee.
The dispute over yield has been one of the main obstacles, pitting bank concerns about deposit flight against crypto firms seeking broader flexibility for stablecoin products.
Alsobrooks said the proposal is designed to strike a balance between allowing innovation and limiting risks to the traditional banking system.
Even with an agreement in principle, the proposal is not final. Tillis said lawmakers still need to vet the language with both banking and crypto industry participants before any broader deal is locked in.
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