CLARITY Act stablecoin fight shifts from yield to who captures digital-dollar economics
CryptoSlate
The proposed U.S. stablecoin legislation aims to ban direct issuer-paid yield, shifting the focus to how intermediaries capture and distribute digital-dollar economics.Summary
Proposed legislation like the CLARITY Act and the GENIUS Act seeks to regulate stablecoins as payment instruments while explicitly banning issuers from paying direct interest or yield to holders. This policy shift forces the industry to move away from direct yield models toward complex intermediary structures, where exchanges, wallets, and payment networks capture the economic value of stablecoins through fees, rewards, and product integration. As regulators debate whether to permit third-party rewards or force these economics into traditional banking channels, the fight has intensified over who will control the distribution, custody, and settlement benefits of the multi-billion dollar digital-dollar market.
(Source：CryptoSlate)