Analysis: If the crypto market structure bill restricts stablecoin yields, it could drive funds to offshore "synthetic dollars."

01/24 12:55

industry insiders warn that if the U.S. Cryptocurrency Market Structure Act (CLARITY Act) imposes restrictions on stablecoin yields, it may drive funds out of regulated markets and into offshore, low-transparency financial structures and "synthetic dollar" products. Colin Butler, head of the Mega Matrix market, stated that prohibiting compliant stablecoins from providing yields to holders does not protect the U.S. financial system; instead, it marginalizes regulated institutions and accelerates capital migration beyond regulatory boundaries. Currently, the digital renminbi already has interest-bearing capabilities, and Singapore, Switzerland, and the UAE are advancing interest-bearing digital asset frameworks. If the U.S. bans yields on compliant dollar stablecoins, it may weaken global competitiveness. It is reported that under the already effective GENIUS Act framework, payment stablecoins like USDC must be fully backed by cash or short-term U.S. Treasury bonds and are not allowed to pay interest directly, being regarded as "digital cash."

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