TechFlow, December 31 — According to Cointelegraph, Coinbase Chief Policy Officer Faryar Shirzad warned that potential amendments to the GENIUS Act by the U.S. Senate could weaken the global competitiveness of dollar-backed stablecoins. Meanwhile, the People's Bank of China announced it will allow commercial banks to pay interest on digital yuan wallet balances starting January 1, 2026, transforming the digital yuan from digital cash into digital deposit money. While the GENIUS Act prohibits stablecoin issuers from directly paying interest, it permits platforms to offer usage-based rewards. Coinbase CEO Armstrong called bank lobbying to restrict stablecoin rewards "unethical" and predicted banks would eventually want to offer stablecoin yields as well.
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