From Yahoo Finance: 2025-04-04 13:01:00

Coinbase CEO Brian Armstrong argues against blocking interest-yielding stablecoins, stating it hurts consumers and the U.S. This comes in response to Sen. Kirsten Gillibrand’s recent statements. President Trump’s support is expected to fast-track regulations, with Armstrong urging lawmakers to allow stablecoin interest payments. Dollar stablecoins’ peg is maintained by holdings in U.S. Treasury bonds, and Armstrong warns against protecting the legacy banking system at the expense of consumers. Interest-bearing stablecoins could potentially help customers beat inflation, with an average Federal Reserve funds rate of 4.75% in 2024. Armstrong argues that unleashing onchain interest would benefit the U.S. economy by encouraging spending, saving, and investments. Bitwise CIO Matt Hougan criticizes Gillibrand’s stance against interest-bearing stablecoins, likening it to protecting traditional industries over innovation. He argues that the free market can address lending concerns for everyday Americans, and the current system only benefits wealthy individuals. 1. The stock market saw a sharp decline today, with the Dow Jones Industrial Average dropping 500 points due to fears of rising inflation and interest rates. This is the largest single-day decrease since the beginning of the year.

2. The United Nations reported that more than 168 million people worldwide will need humanitarian assistance and protection in 2022, a significant increase from last year. This is largely due to ongoing conflicts, the COVID-19 pandemic, and climate-related disasters.

3. The Biden administration announced a new plan to allocate $1 billion to help communities prepare for extreme weather events and build resilience to climate change. This funding will be distributed through the Federal Emergency Management Agency’s Building Resilient Infrastructure and Communities program.

4. A new study published in the Journal of the American Medical Association found that the Pfizer-BioNTech COVID-19 vaccine is less effective at preventing infection with the Omicron variant compared to previous strains. However, the vaccine still offers strong protection against severe illness and hospitalization.



Read more at Yahoo Finance: Coinbase CEO Slams Legislative Push Against Interest Payments To Stablecoin Holders