F***,the sky is really falling‼️
This time the U.S. Congress is taking action.
Circle dropped 20% in a day, completely collapsed.
Coinbase also fell 8 points.
This isn't a company problem at all.
The new bill from Congress directly prohibits stablecoin platforms from paying you interest.
Previously, if you held USDC in your account,
you could earn yield without doing anything,
but in the future this path may no longer be available.
Circle's essence is issuing USDC,
using everyone's money to buy U.S. Treasury bonds to earn interest,
then distributing to Coinbase and returning to users,
attracti
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