Xash’s Kevin Huynh Pitches Stablecoin Issuers on Gold Rewards Instead of Passive Yield
By Unchained
AI summary of the source article
Xash is pitching stablecoin issuers to fund tokenized-gold rewards for users who deploy stablecoins in DeFi, rather than offering passive holding yields. The platform routes user capital through Solana DeFi protocols and distributes Paxos Gold based on activity points.
Why it matters
Huynh stated that paying yield on idle balances is "not the direction that stablecoins are headed, given government pressure and where the government’s really headed as well."
Key facts
- Xash routes stablecoins through Solana DeFi protocols like Kamino and distributes Paxos Gold rewards based on activity points.
- The startup is currently funding the gold rewards using venture capital while in talks with multiple stablecoin providers.
- Huynh cited regulatory constraints, including the GENIUS Act barring issuers from paying yield solely for holding payment stablecoins.
Source excerpt · Unchained
Huynh said on Unchained Premium that Xash pays for the gold with its own venture money for now, and that no stablecoin issuer has signed a contract yet. The post Xash’s Kevin Huynh Pitches Stablecoin Issuers on Gold Rewards Instead of Passive Yield appeared first on Unchained .