US Proposes Ban on Stablecoin Yields, CLARITY Act Reshapes Crypto Business Model Boundaries

Gate News: On March 24, the latest compromise text of the U.S. Senate’s CLARITY Act shows that platform rewards for stablecoin holders will be banned, while giving regulators discretion over the definition of “rewards,” sparking market concern over stablecoin business models.

According to disclosures, the draft was negotiated primarily by Senators Thom Tillis and Angela Alsobrooks. It explicitly prohibits digital asset service providers from paying interest on stablecoin balances or offering incentives that are economically or functionally equivalent to yields. This could lead to significant changes in current yield-driven stablecoin products.

However, the draft still allows some forms of incentives. Rewards related to loyalty programs, promotions, or subscriptions may still be permitted under certain conditions, provided they are not directly linked to account balances. The SEC, CFTC, and Treasury will jointly develop specific standards and establish anti-avoidance mechanisms within 12 months.

Market concerns mainly focus on the ambiguity of the language. The definition of “economic equivalence” could be strictly interpreted in the future, potentially limiting platform innovation. Analysts believe this framework is somewhat more relaxed than previous versions but remains conservative overall.

Legislative progress: The CLARITY Act was passed by the House in 2025 and approved by the Senate Agriculture Committee in early 2026. It is expected to enter a critical review stage in late April. If not advanced before May, the legislation may be delayed until after the midterm elections.

Notably, stablecoin operations significantly impact the revenue structure of the crypto industry. Industry data shows that stablecoin-related income accounts for nearly 20% of revenue in some institutions. If implemented, the new regulations could have profound effects on market competition and profitability models.