Stablecoin Yields Under Scrutiny: US Senate's CLARITY Act Aims to Reshape Compliance Framework

As the US Senate advances revisions to the CLARITY Act, stablecoin yield models are facing unprecedented regulatory scrutiny. Lawmakers are concerned that some stablecoin projects attract users by continuously distributing yields, effectively mimicking the interest mechanisms of bank deposits, thereby circumventing the financial regulatory system. From a policy design perspective, regulators prefer adopting a 'behavior-oriented' model, which only rewards verifiable on-chain transaction behavior or specific activities, rather than passively accruing interest based on asset holding time. This design aims to prevent stablecoins from evolving into bank-like financial products while preserving room for innovation.

Key policy figures hold different positions on this matter. White House digital asset advisor Patrick White emphasized that yield issues should be addressed with precise tools, rather than a blanket ban, stating, 'Use a scalpel, not a sledgehammer.' Senator Lummis and former CFTC Chairman Giancarlo also agreed that the regulatory framework needs to clearly distinguish between legitimate incentives and illegal deposit-taking behavior, ensuring market stability and user protection through transparent disclosures and compliance boundaries. Currently, the bill is refining definition standards to differentiate between legitimate user incentives and implicit interest payments, establishing a clear compliance path for the industry.