# Can stablecoins pay interest or yield to holders?

One row per jurisdiction on interest or yield paid to stablecoin holders: the rule for issuers and for intermediaries in separate columns, each with its status, a verbatim quote and the official link.

Canonical: https://achivx.org/regulation/stablecoin-yield-rules/
Updated: 2026-11-13
As of: 2026-11-12

As of 12 November 2026, this table quotes official texts on interest or yield paid to stablecoin holders for 14 of the 31 jurisdictions on this site, for issuers and for intermediaries; a "not found" cell shows where a full-text search found nothing.

Each cell gives the rule's status, the official text's words and the link, or, where a full-text search found nothing, the act that was searched and the date of the check. A jurisdiction that is not in the table is not a finding that it has no rule on yield.

This page states what the official sources say. It is not legal advice.

| Jurisdiction | Issuers | Intermediaries | Source | Checked |
|---|---|---|---|---|
| [Argentina](/regulation/argentina/) | Not found in CNV Resolución General 1058/2025, checked 2026-11-01. | Not found in CNV Resolución General 1058/2025, checked 2026-11-01. | [CNV Resolución General 1058/2025](https://www.boletinoficial.gob.ar/detalleAviso/primera/322539/20250314) | 1 November 2026 |
| [Australia](/regulation/australia/) | **Proposed.** An SVF provider commits an offence if it pays, or under the facility terms is able to pay, interest or interest-like benefits on amounts standing to the credit of an SVF it issued: "An SVF provider commits an offence if they pay, or under the terms of the facility are able to pay, interest or interest-like benefits in connection with an amount standing to the credit of an SVF issued by the provider." | **In force.** To qualify as an eligible stablecoin under ASIC's distributor relief, holders, other than through the redemption right, must have no right to, and must not receive, a financial return or other financial benefit from the reserves: "other than the redemption right, holders of the stablecoins have no right to, and do not receive a financial return or other financial benefit from, the reserves." | [Treasury payment service provider draft legislation (Tranche 1), explanatory memorandum](https://storage.googleapis.com/files-au-treasury/treasury/p/prj3b32637aef8e79c8f1b96/page/c2026_746108_explanatory_memorandum.pdf); [ASIC Corporations (Stablecoin and Wrapped Token Relief) Instrument 2025/867, section 5 (definition of eligible stablecoin, paragraph (d))](https://www.legislation.gov.au/F2025L01512/asmade/text) | 2 November 2026 |
| [Brazil](/regulation/brazil/) | Not found in Resolução BCB nº 520, checked 2026-11-01. | Not found in Resolução BCB nº 520, checked 2026-11-01. | [Resolução BCB nº 520](https://www.bcb.gov.br/estabilidadefinanceira/exibenormativo?tipo=Resolu%C3%A7%C3%A3o%20BCB&numero=520) | 1 November 2026 |
| [Canada](/regulation/canada/) | **Pending.** An issuer must not, directly or indirectly, grant or pay holders any form of interest or yield in respect of the stablecoin, whether in cash, digital assets or other consideration: "32 An issuer must not, directly or indirectly, grant or pay to the holder of a stablecoin that the issuer has issued any form of interest or yield in respect of that stablecoin, whether in cash, digital assets or other consideration."; **Proposed.** Under the proposed Regulations, a reward or payment tied only to the use, not the holding, of a stablecoin, including through income-sharing arrangements, is permitted: "However, a reward or payment that is tied to only the use and not the holding of a stablecoin, including through income-sharing arrangements, is permitted to encourage adoption of the stablecoin." | – | [Stablecoin Act, s. 32](https://laws-lois.justice.gc.ca/eng/acts/S-15.9/FullText.html); [Proposed Stablecoin Regulations (Canada Gazette, Part I)](https://gazette.gc.ca/rp-pr/p1/2026/2026-10-24/html/reg1-eng.html) | 1 November 2026 |
| [European Union](/regulation/european-union/) | **In force.** Issuers of e-money tokens shall not grant interest in relation to e-money tokens: "Notwithstanding Article 12 of Directive 2009/110/EC, issuers of e-money tokens shall not grant interest in relation to e-money tokens."; **In force.** Issuers of asset-referenced tokens shall not grant interest in relation to asset-referenced tokens: "Issuers of asset-referenced tokens shall not grant interest in relation to asset-referenced tokens." | **In force.** Crypto-asset service providers shall not grant interest when providing crypto-asset services related to e-money tokens: "Crypto-asset service providers shall not grant interest when providing crypto-asset services related to e-money tokens."; **In force.** Crypto-asset service providers shall not grant interest when providing crypto-asset services related to asset-referenced tokens: "Crypto-asset service providers shall not grant interest when providing crypto-asset services related to asset-referenced tokens."; **In force.** Any remuneration or other benefit related to how long a holder holds an e-money token shall be treated as interest, including from the issuer or from third parties: "any remuneration or any other benefit related to the length of time during which a holder of an e-money token holds such e-money token shall be treated as interest. That includes net compensation or discounts, with an effect equivalent to that of interest received by the holder of the e-money token, directly from the issuer or from third parties" | [MiCA (Regulation (EU) 2023/1114), Article 50(1)](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0006.03/DOC_1); MiCA (Regulation (EU) 2023/1114), Article 40(1); MiCA (Regulation (EU) 2023/1114), Article 50(2); MiCA (Regulation (EU) 2023/1114), Article 40(2); MiCA (Regulation (EU) 2023/1114), Article 50(3) | 1 November 2026 |
| [Hong Kong](/regulation/hong-kong/) | **In force.** A licensee must not pay, or permit to be paid, any interest in relation to the specified stablecoins it issues: "a licensee must not pay, or permit to be paid, any interest in relation to the specified stablecoins it issues." | – | [HKMA Guideline on Supervision of Licensed Stablecoin Issuers](https://www.hkma.gov.hk/media/eng/doc/key-functions/ifc/stablecoin-issuers/Guideline_on_supervision_of_licensed_stablecoin_issuers_eng.pdf) | 1 November 2026 |
| [Indonesia](/regulation/indonesia/) | Not found in POJK 27/2024 (text read 2026-11-01) or its amendment POJK 23/2025 (text read 2026-11-12), checked 2026-11-12. | Not found in POJK 27/2024 (text read 2026-11-01) or its amendment POJK 23/2025 (text read 2026-11-12), checked 2026-11-12. | [POJK 27/2024 as amended by POJK 23/2025](https://ojk.go.id/id/regulasi/Documents/Pages/POJK-23-2025-Perubahan-POJK-27-Tahun-2024-tentang-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/POJK%2023%20Tahun%202025%20Perubahan%20POJK%2027%20Tahun%202024%20tentang%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf) | 12 November 2026 |
| [Japan](/regulation/japan/) | Not found in the Payment Services Act (資金決済に関する法律), checked 2026-11-01. | – | [Payment Services Act (資金決済に関する法律, Act No. 59 of 2009)](https://laws.e-gov.go.jp/api/1/lawdata/421AC0000000059) | 1 November 2026 |
| [Kazakhstan](/regulation/kazakhstan/) | **In force.** NBK rules: payment of remuneration by the issuer to stablecoin holders on the issue of stablecoins is not permitted: "Не допускается выплата эмитентом вознаграждения по выпуску стейблкоинов держателям стейблкоинов."; **In force.** AIFC: an issuer of a Fiat or Commodity stablecoin is prohibited from granting any interest to holders: "Issuer of a Fiat stablecoin or Commodity stablecoin is prohibited from granting any interest to holders of the Fiat stablecoin or Commodity stablecoin."; **In force.** AIFC: interest (prohibited for issuers) includes net compensation or discount with an equivalent effect received by the holder directly from the issuer or through third parties: "The interest includes net compensation or discount, with an equivalent effect of an interest received by the holder, directly from the issuer or through third parties, directly associated with the Fiat stablecoin or Commodity stablecoin or through the remuneration or pricing of other products." | – | [NBK Board Resolution No. 39 of 10 April 2026 (Rules for issuance, placement, circulation and redemption of digital financial assets), para 9](https://nationalbank.kz/file/download/124521); [AIFC Rules on Digital Asset Activities (DAA), Rule 4.11.4(1)](https://aifc.kz/wp-content/uploads/2024/06/daa_v5_01.01.2026.pdf); AIFC Rules on Digital Asset Activities (DAA), Rule 4.11.4(3) | 1 November 2026 |
| [Mexico](/regulation/mexico/) | Not found in Ley Fintech, checked 2026-11-01. | Not found in Ley Fintech, checked 2026-11-01. | [Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech)](https://www.diputados.gob.mx/LeyesBiblio/pdf/LRITF.pdf) | 1 November 2026 |
| [Nigeria](/regulation/nigeria/) | **Published.** An issuer shall not pay, offer, arrange or facilitate interest, yield, dividends, returns or other financial benefits to holders by reason of holding or depositing its stablecoin: "An issuer shall not pay, offer, arrange or facilitate interest, yield, dividends, returns or other financial benefits to holders by reason of holding or depositing its stablecoin." | **Published.** A service provider shall not be used to circumvent the issuer no-yield prohibition: "A service provider shall not be used to circumvent this prohibition."; **Published.** A Virtual Asset Stored-Value Facility provider shall not pay interest or yield on customer balances: "A provider of a Virtual Asset Stored-Value Facility shall safeguard customer balances in accordance with Section 25, shall not pay interest or yield on those balances"; **Proposed.** A VASP shall not offer, provide, arrange, market or facilitate any yield, return-generating or reward-bearing arrangement involving digital or virtual assets unless authorised by the Commission: "(a) A VASP shall not offer, provide, arrange, market or facilitate any yield, return-generating, reward-bearing or similar arrangement involving digital or virtual assets unless authorised by the Commission." | [CBN Regulations for the Operations of Non-Security Virtual Assets in Nigeria, Section 13.3](https://www.cbn.gov.ng/Out/2026/CCD/REGULATIONS%20FOR%20THE%20OPERATIONS%20OF%20NON-SECURITY%20VIRTUAL%20ASSETS%20IN%20NIGERIA.pdf); CBN Regulations for the Operations of Non-Security Virtual Assets in Nigeria, Section 9.8.5; [SEC Nigeria Proposed Rules on Digital and Virtual Asset Operations, Custody and Markets, Part 4, rule (8)(a)](https://sec.gov.ng/documents/1503/Proposed_Rules_on_Digital_and_Virtual_Asset_Operations_Custody_and_Markets.pdf) | 6 November 2026 |
| [Russia](/regulation/russia/) | Not found in Federal Law No. 282-FZ, checked 2026-11-01. | Not found in Federal Law No. 282-FZ, checked 2026-11-01. | [Federal Law No. 282-FZ On Digital Currencies and Digital Rights (2026)](http://kremlin.ru/acts/bank/53543) | 1 November 2026 |
| [Singapore](/regulation/singapore/) | **Proposed.** Issuers of MAS-regulated stablecoins will be prohibited from paying holders interest, return or any other benefit directly or indirectly attributable to the holding or balance of the stablecoin: "Issuers of MAS-regulated stablecoin will be prohibited from paying interest, return, or any other benefit to a holder that is directly or indirectly attributable to the holding of or balance of MAS-regulated stablecoins." | – | [MAS consultation paper on Payment Services Act amendments for stablecoins](https://www.mas.gov.sg/-/media/mas-media-library/publications/consultations/pd/2026/sept-2026_consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation/consultation-paper-on-proposed-amendments-to-ps-act-for-stablecoins-regulation_vfinal.pdf) | 1 November 2026 |
| [South Korea](/regulation/south-korea/) | Not found in the Act on the Protection of Virtual Asset Users (가상자산 이용자 보호 등에 관한 법률), checked 2026-11-12.; **Proposed.** A bill (no. 2211784, pending in committee since 2025-11-24, not law) would place a duty not to pay interest on issuers of value-stable digital assets: "가치안정형 디지털자산 발행인의 상품설명서 작성ㆍ공시의무, 준비자산의 안전한 관리의무 및 이자 지급 금지 의무, 상환의무 등을 규정함(안 제13조부터 제19조까지)." | Not found in the Act on the Protection of Virtual Asset Users (가상자산 이용자 보호 등에 관한 법률), checked 2026-11-12. | [가상자산 이용자 보호 등에 관한 법률 (법률 제21857호)](https://www.law.go.kr/LSW/lsInfoP.do?lsiSeq=290735&efYd=20261002); [가치안정형 디지털자산의 발행 및 유통에 관한 법률안 (의안번호 2211784, bill; 정무위 소위 회부 2025-11-24, pending)](https://likms.assembly.go.kr/bill/billDetail.do?billId=PRC_K2L5J0I7I2G8H0C9D0B9C3A7B5Z3A7) | 12 November 2026 |
| [Spain](/regulation/spain/) | **In force.** Under MiCA, issuers of e-money tokens shall not grant interest in relation to e-money tokens: "los emisores de fichas de dinero electrónico no concederán intereses en relación con las fichas de dinero electrónico."; **In force.** Under MiCA, issuers of asset-referenced tokens shall not grant interest in relation to asset-referenced tokens: "Los emisores de fichas referenciadas a activos no concederán intereses en relación con las fichas referenciadas a activos." | **In force.** Under MiCA, crypto-asset service providers shall not grant interest when providing crypto-asset services related to e-money tokens: "Los proveedores de servicios de criptoactivos no concederán intereses cuando presten servicios de criptoactivos relacionados con fichas de dinero electrónico."; **In force.** Under MiCA, crypto-asset service providers shall not grant interest when providing crypto-asset services related to asset-referenced tokens: "Los proveedores de servicios de criptoactivos no concederán intereses cuando presten servicios de criptoactivos relacionados con fichas referenciadas a activos." | [MiCA (Regulation (EU) 2023/1114), Article 50(1)](https://publications.europa.eu/resource/cellar/01d55833-0660-11ee-b12e-01aa75ed71a1.0023.03/DOC_1); MiCA (Regulation (EU) 2023/1114), Article 40(1); MiCA (Regulation (EU) 2023/1114), Article 50(2); MiCA (Regulation (EU) 2023/1114), Article 40(2) | 11 November 2026 |
| [Switzerland](/regulation/switzerland/) | **Proposed.** Consultation draft amending the Financial Institutions Act (opened by the Federal Council on 22 October 2025; not law), as the SIF fact sheet describes it: the activities of payment instrument institutions subject to the licence requirement entail taking deposits from customers without paying interest and without active business with the deposits (e.g. lending): "the activities of payment instrument institutions that are subject to the licence requirement entail taking deposits from customers without paying interest and without engaging in active business with such deposits (e.g. lending)."; **Proposed.** Consultation draft amending the Financial Institutions Act (opened by the Federal Council on 22 October 2025; not law): a payment instrument institution is one that, without a banking licence, is mainly active in the financial sector and commercially accepts client funds or publicly offers to do so, but does not pay interest on them and invests them only as Article 51i provides: "Als Zahlungsmittelinstitut gilt, wer ohne über eine Bewilligung als Bank im Sinne des BankG6 zu verfügen hauptsächlich im Finanzbereich tätig ist und gewerbsmässig Kundengelder entgegennimmt oder sich öffentlich dafür empfiehlt , diese aber nicht verzinst und nur so anlegt wie in Artikel 51i vorgesehen." | – | [FinIA amendment (consultation), SIF fact sheet](https://www.sif.admin.ch/dam/it/sd-web/dUviLBIEgTjT/Faktenblatt%20Stablecoins%20EN.pdf); [FinIA amendment (consultation draft), Article 51a(1)](https://cms.news.admin.ch/fileservice/sdweb-docs-prod-nsbcch-files/files/2025/10/22/0f84a88a-049a-4070-8c3a-4662edc7d57d.pdf) | 1 November 2026 |
| [Thailand](/regulation/thailand/) | **Proposed.** Issuers may not pay holders interest, benefits, returns or any incentive calculated on the holding period or value of THB stablecoin, directly or indirectly; it is for payment only, not saving or investment: "2) ห้ามจ่ายดอกเบี้ยหรือให้ผลตอบแทนแก่ผู้ถือเหรียญ ห้ามมิให้ issuer จ่ายดอกเบี้ย ผลประโยชน์ ตอบแทน หรือสิ่งจูงใจใด ๆ ที่คำนวณตามระยะเวลาหรือมูลค่าการถือครอง THB stablecoin ให้แก่ผู้ถือเหรียญ ทั้งทางตรงและทางอ้อม เนื่องจาก THB stablecoin มีวัตถุประสงค์เพื่อใช้เป็นสื่อการชำระเงินเท่านั้น ไม่ใช่เครื่องมือในการออมเงินหรือลงทุน" | – | [BOT public hearing on THB stablecoin principles](https://www.bot.or.th/content/dam/bot/documents/th/laws-and-rules/hearing/public-hearing-20261019-THB-stablecoin.pdf) | 1 November 2026 |
| [Türkiye](/regulation/turkey/) | Not found in Law No. 7518 or CMB Communiqués III-35/B.1 and III-35/B.2, checked 2026-11-01. | Not found in Law No. 7518 or CMB Communiqués III-35/B.1 and III-35/B.2, checked 2026-11-01. | [Law No. 7518 (amending Capital Markets Law No. 6362); CMB Communiqués III-35/B.1 and III-35/B.2](https://www.resmigazete.gov.tr/eskiler/2024/07/20240702-1.htm) | 1 November 2026 |
| [Ukraine](/regulation/ukraine/) | Not found in Law of Ukraine No. 2074-IX On Virtual Assets (official text, Wayback capture of 2 February 2026; not in force in that text, which under Section VI(1) enters into force with the law amending the Tax Code on the taxation of virtual-asset operations), checked 2026-11-12. | Not found in Law of Ukraine No. 2074-IX On Virtual Assets (official text, Wayback capture of 2 February 2026; not in force in that text, which under Section VI(1) enters into force with the law amending the Tax Code on the taxation of virtual-asset operations), checked 2026-11-12. | [Law of Ukraine No. 2074-IX On Virtual Assets](https://web.archive.org/web/20260202202928/https://zakon.rada.gov.ua/laws/show/2074-20/print) | 2 February 2026 |
| [United Arab Emirates](/regulation/united-arab-emirates/) | **In force.** A Payment Token Issuer may not (and may not arrange that another person shall) pay a Customer interest, or any other benefit, related to the length of time the Customer holds a Payment Token: "A Payment Token Issuer may not (and may not arrange that another person shall) pay to or for the benefit of a Customer: a) interest related to the length of time during which the Customer holds a Payment Token; or b) any other benefit related to the length of time during which the Customer holds a Payment Token" | – | [CBUAE Payment Token Services Regulation (C 2/2024), Article (12)3](https://rulebook.centralbank.ae/en/rulebook/payment-token-services-regulation) | 1 November 2026 |
| [United Kingdom](/regulation/united-kingdom/) | **Pending.** The FCA proceeds with prohibiting issuers from paying interest or income from the backing asset pool to tokenholders: "We are proceeding with our original policy proposal of prohibiting issuers from paying interest or income from the backing asset pool to tokenholders." | **Pending.** The FCA final rules do not prohibit third parties from paying rewards to their own customers from their own account: "Our final rules do not prohibit third parties from paying rewards to their own customers from their own account." | [FCA PS26/10 (Stablecoin issuance)](https://www.fca.org.uk/publication/policy/ps26-10.pdf) | 1 November 2026 |
| [United States](/regulation/united-states/) | **Pending.** No permitted or foreign payment stablecoin issuer shall pay holders any form of interest or yield (cash, tokens or other consideration) solely in connection with holding, using or retaining the payment stablecoin: "No permitted payment stablecoin issuer or foreign payment stablecoin issuer shall pay the holder of any payment stablecoin any form of interest or yield (whether in cash, tokens, or other consideration) solely in connection with the holding, use, or retention of such payment stablecoin." | – | [GENIUS Act, section 4(a)(11)](https://www.govinfo.gov/content/pkg/PLAW-119publ27/html/PLAW-119publ27.htm) | 1 November 2026 |
| [Vietnam](/regulation/vietnam/) | Not found in Government Resolution No. 05/2025/NQ-CP on the crypto-asset market pilot, Law No. 71/2025/QH15 on Digital Technology Industry or Decree No. 284/2026/ND-CP on administrative penalties for crypto-assets and the crypto-asset market (official full texts, read 12 November 2026), checked 2026-11-12. | Not found in Government Resolution No. 05/2025/NQ-CP on the crypto-asset market pilot, Law No. 71/2025/QH15 on Digital Technology Industry or Decree No. 284/2026/ND-CP on administrative penalties for crypto-assets and the crypto-asset market (official full texts, read 12 November 2026), checked 2026-11-12. | [Government Resolution No. 05/2025/NQ-CP; Law No. 71/2025/QH15; Decree No. 284/2026/ND-CP](https://xaydungchinhsach.chinhphu.vn/toan-van-nghi-quyet-so-5-2025-nq-cp-ve-trien-khai-thi-diem-thi-truong-tai-san-ma-hoa-tai-viet-nam-119250909184045221.htm) | 12 November 2026 |

A dash means this site has no row for that role on this question. It is not a statement that no rule applies.

Cite as: Can stablecoins pay interest or yield to holders?, achivx.org, https://achivx.org/regulation/stablecoin-yield-rules/, as of 2026-11-12, CC BY 4.0