SS #14 - US House Votes to Move Forward with GENIUS Act

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Welcome to our 14th edition of the StableScope. A new 2x a week, stablecoin-focused newsletter from Launchy. Given the growth of the vertical, there's an increasing demand for more recurring reporting and curation on stablecoins.

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In Today's Edition:

• Headline: US House Votes to Move Forward with GENIUS Act

• Quick Bites: FSB Chair Makes Stablecoins a Priority Ahead of G20 Meeting

• Yield of the Week: 11.32% APY in USDC on Kamino

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HEADLINE

US House Votes to Move Forward with GENIUS Act

State of play: US House lawmakers are advancing key cryptocurrency legislation, including the GENIUS bill, which aims to establish a regulatory framework for stablecoins, and the Digital Asset Market Clarity Act, which seeks to clarify crypto regulations.

• The House voted 215 to 211 to move forward with the GENIUS bill, potentially sending it to President Trump by the end of the week.

• No Democrats supported the bills, with some Republicans expressing concerns about CBDC provisions.

• The legislation faces opposition from House Democrats, who label it as a dangerous move that could enable further crypto related issues.

What’s Next: Expect the UK to push for tougher stablecoin regulations and promote tokenized deposits, while global regulatory approaches to digital assets continue to diverge.

Why it Matters: These bills could set a precedent for how stablecoins and digital assets are regulated, impacting innovation, consumer protection, and the future of digital finance in the US.

Our Take: The push for these bills reflects a growing urgency to regulate the crypto space, but the lack of bipartisan support raises concerns about their long term viability.

QUICK BITES

• Dakota Raises $12.5M.

• Bank of America joins stablecoin rush.

• Trump urges GOP support for stablecoin.

• World Liberty holders approve WLFI trading.

• Plasma looks to raise $50M from token sale.

• USDT0 integrates with Bitcoin Layer 2 Rootstock.

• JPMorgan CEO Dimon says bank will pursue stablecoins.

• Tether's USDT sets new record market cap above $160B.

• Ondo Finance launches first tokenized Treasury fund on Sei.

• FSB Chair makes stablecoins a priority ahead of G20 meeting.

• PayPal blockchain lead José Fernández da Ponte joins Stellar.

• House scraps Tuesday votes on crypto bills after procedural failure.

• OpenEden and Ceffu launch first yield-bearing collateral for institutions.

• Citigroup weighs issuing stablecoin to expand digital payment capabilities.

• Wyoming tests instant payments with state-issued stablecoin on Hashfire.

• Standard Chartered says stablecoins overshadowed bitcoin in discussions.

• Rep. French Hill confident House has votes to pass three different crypto bills.

• Privacy Pools integrates Sky’s USDS stablecoin in first expansion into multi-asset pools.

• PayPal appears to add Arbitrum support for PYUSD stablecoin alongside Ethereum and Solana.

YIELD OF THE WEEK

Euler USDC / RLUSD on Euler Yield: 10.9% - 61.49% in USDC

• Euler enables leveraging USDC as collateral, borrowing RLUSD up to 14.27x to maximize yield.

• With a max LTV of 3%, the liquidity in this pool is up to $21.8M.

• RLUSD is Ripple's enterprise grade, USD denominated stablecoin designed to maintain a 1:1 peg with the USD.

Kamino Elemental USDC Turbo: 11.32% APY in USDC

• Kamino Elemental USDC Turbo is a smart, self-adjusting lending strategy designed to maximize yield while prioritizing safety. Co-developed by Elemental and Voltr, the vault dynamically allocates liquidity across Kamino’s lending markets.

• The strategy actively adjusts its exposure to prevent yield compression, intelligently sizing positions to target the most efficient segments of Kamino’s ecosystem, leveraging its robust risk engine to capture elevated yields without compromising capital security.

• The performance and management fee for the vault is currently set to 0%. Additionally, the market allocations of the fund are publicly accessible, with 61.19% of the TVL currently utilized..

TermMax USDC Vault: 10.36% APY in USDC

• TermMax USDC vault invests funds in fixed-rate lending markets to generate yield, automatically managing positions across various maturities to optimize returns while ensuring liquidity for withdrawals.

• Currently, 98.7% of the TVL in the vault is actively invested, with only a small portion remaining idle.

• The market allocations of the fund are publicly accessible, with a significant portion currently allocated to PT stablecoin.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.