Coinbase's Armstrong Clarifies USDC Rewards

Coinbase CEO Brian Armstrong has clarified the structure of USDC rewards, which he says derive from returns on short-term U.S. Treasuries rather than deposits.

This distinction is significant because it makes USDC rewards legally distinct from bank interest, according to Armstrong.

The clarification comes at a time when stablecoin regulations are under scrutiny, and Coinbase's efforts to clarify its business model may resonate with investors and regulators alike.