"Stablecoins for settlement cannot provide interest," says Hill, rejecting Coinbase's petition

On March 31, House Financial Services Committee Chairman French Hill (Republican) emphasized that payment stablecoins are not considered to be able to provide interest to users.

Major cryptocurrency exchange Coinbase and others have called for interest-bearing stablecoins to be allowed, but this appears to have been rejected.

For example, Brian Armstrong of Coinbase stated the following in a post on X:

The US stablecoin bill should allow consumers to earn interest on stablecoins. The government has...