OCC interpretive letter dropped Oct 21 confirming permitted stablecoin issuers can't pay holders any interest or rewards just for holding. Circle and the rest keep the full T-bill yield on reserves, you get a dollar token that does nothing on its own.

This pushes onchain yield into the protocol layer. If you want paid you hold sUSDe, parking in Aave, or locking a fixed rate with a Pendle PT, and the compliant stablecoin becomes a settlement venue

Does this kill the reason to hold USDC directly, or were most people already sitting in the yield-bearing wrappers anyway?