The GENIUS Act prohibits yield-bearing payment stablecoins prompting efforts at structural innovation designed to preserve the economic appeal of yield and yet remaining within the regulatory perimeter. A recent concept is to split a tokenized real-world asset position into a fungible payment stablecoin and a parallel yield-bearing instrument at the moment of mint. This article examines such yield-splitting tokens and assesses whether they can satisfy the yield prohibition.
By Chris McDermott &
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