Fintech platform Brale issues USTX, manages its reserves and facilitates minting and redemption. According to tx, each token is backed by $1 in assets, including cash, bank deposits, government money market funds and short-term US Treasury bills.
Brale said in June that it was working with Visa to improve the speed and programmability of blockchain-based stablecoin settlement in environments where privacy, compliance, and operational control are essential.
Blockchain networks and trading platforms are launching their own dollar stablecoins through outside providers that handle issuance and reserve management. Native stablecoins provide a common dollar balance for buying assets, settling trades and posting collateral across a network.
Some stablecoin providers also share reserve earnings with clients. Eligible USTX users may also receive rewards through tx’s wallet programs.
The GENIUS Act prohibits stablecoin issuers from paying holders interest or yield solely for holding, using or retaining a payment stablecoin.
“The overall rewards program was designed based on legal advice to ensure it falls within what’s permissible under the law,” Ebersole said when asked how the rewards comply with the restriction.
