White House Draft Proposes $500,000 Daily Penalties for Stablecoin Yield Evasion

White House officials proposed civil penalties of $500,000 per violation per day for firms attempting to evade restrictions on paying yield or interest on payment stablecoins, Fox Business reporter Eleanor Terrett said. The proposal was discussed at a third meeting, and yield on idle stablecoin balances appears off the table, Terrett added.