TechFlow News, May 18: According to The Block, Bernstein stated that the bipartisan compromise on stablecoin yield provisions in the U.S. Clarity Act effectively restricts issuers from paying deposit-like interest on passively held stablecoin balances, while preserving reward mechanisms tied to genuine use cases such as trading and payments. This is viewed as favorable for Circle’s float-based revenue model built on USDC and as diminishing issuers’ ability to capture market share through high-yield offerings.
Currently, the total supply of U.S. dollar-pegged stablecoins has reached a record high of over $30 billion, with USDC and USDT together accounting for approximately 97% of the supply. Bernstein also noted that USDC currently accounts for over 99% of global x402 Agentic Payments settlements.
