Overview
- The bill would bar certain types of yield or interest linked to holding payment stablecoins, closing off reward programs used by some platforms.
- The Senate Banking Committee has paused the legislation’s markup, leaving the yield question unresolved and stakeholder support fractured.
- Anthony Scaramucci and other industry voices warn the restriction could make U.S. stablecoins less attractive globally and weaken dollar-linked payment rails.
- Bank executives back strict limits to safeguard deposits, with Brian Moynihan cautioning that yield outside banks could drive significant outflows and affect lending.
- China now allows commercial banks to pay interest on digital yuan balances, a shift that critics say could draw users—especially in emerging markets—to e-CNY over non-yielding U.S. options.