Page 278: Crypto Legislation Unveiled: New Framework for Stablecoin Interest Payments

【ChainNews】Progress has finally been made in the US Senate’s cryptocurrency market legislation. After months of partisan negotiations and industry tug-of-war, a 278-page bipartisan bill has recently taken shape, clearly defining the interest and reward rules for the stablecoin ecosystem.

What does this bill say? To put it simply, banks might have a chance to win in this round of competition. The draft explicitly prohibits companies from paying interest solely because users hold a balance — this directly blocks many platforms’ revenue strategies. But it’s not entirely closed off; users can still receive rewards, provided these rewards are linked to specific activities: opening accounts, trading, staking, providing liquidity, collateralizing assets, or participating in network governance. In other words, interest must be associated with real business activities.

But the story isn’t over yet. Senators now hold a 48-hour window to propose amendments to the bill. This means the final direction of these provisions still has variables, and no one can say for sure whether the current situation will be maintained by Thursday. For stablecoin issuers and trading platforms, closely monitoring the developments over the next two days is essential.