Coinbase Boosts USDC Rewards Amid Failing Clarity Bill Vote

Coinbase has raised the USDC reward rate for its paid members to 3.75 percent, following the U.S. Senate's failure to pass the Clarity bill on September 16.

The Clarity bill aimed to clarify the regulatory framework for the crypto market in the United States and included provisions to limit rewards that stablecoin issuers provide to users.

Coinbase's move has drawn attention, with some viewing it as a message in the ongoing debate over regulation of stablecoin rewards. The banking sector has called for strict regulation, citing concerns that stablecoin rewards could compete with deposit products, while the crypto industry argues that limiting rewards would weaken competitiveness.