OCC’s Stablecoin Rule Could Reshape CLARITY Debate and Coinbase Strategy

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The OCC’s proposal may also influence the future of the Digital Asset Market Clarity Act of 2025 (CLARITY Act), which has been grappling with whether regulated firms can offer rewards on stablecoin balances. By establishing a firm no-yield standard at the issuer level under GENIUS, regulators appear to be drawing a bright line between compliant payment stablecoins and yield-generating crypto products.

That distinction could have direct implications for exchanges like Coinbase, which has advocated for the ability to offer stablecoin rewards within a regulated US framework. If finalized, the OCC’s rule would signal that earning yield and operating a GENIUS-compliant payment stablecoin may be mutually exclusive — potentially reshaping how major platforms structure their stablecoin offerings going forward.

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