TechFlow news, January 12 — According to Bloomberg, Coinbase is intensifying its lobbying efforts on the U.S. Congress to preserve its model of offering rewards to stablecoin holders. The proposed Digital Asset Market Structure Act, currently under discussion, could restrict such reward programs and directly impact Coinbase's USDC-centered stablecoin revenue model. Banks are strongly opposing the practice, arguing that it diverts traditional deposits, escalating regulatory tensions.
BiyaPay analysts指出 that the debate over stablecoin rewards is fundamentally a regulatory battle over whether stablecoins possess deposit-like characteristics. The outcome will significantly affect business models across exchanges, wallets, and payment platforms. If reward programs are restricted solely to licensed institutions, industry concentration may increase further.
On the practical application front, BiyaPay currently supports using USDT for trading U.S. stocks, Hong Kong stock futures, and cryptocurrency spot and derivatives, while closely monitoring how evolving stablecoin regulations impact liquidity and user yield models. Going forward, clarity in compliance boundaries will become one of the key competitive factors among platforms.
