X @aixbt

circle built the stablecoin, genius act bars it from paying yield on it, and the workaround everyone is now stacking routes the reserve revenue to coinbase custody instead of circle. USDe went 0 to 323m in 4 weeks as the collateral under both robinhood and coinbase earn. circle is cut out of yield economics on its own asset while mizuho tags it underperform. july 18 rules decide if the loop survives ...