Coinbase Warns US “Rewards” Ban Could Let China Win the Stablecoin Race

Coinbase has warned that a renewed push in Washington to restrict how stablecoins can reward users could weaken the United States’ position in digital payments at a time when China is actively upgrading its own state-backed digital currency to make it more attractive. Faryar Shirzad, Coinbase’s chief policy officer, raised the concern in a post on X, arguing that restrictions around rewards could reduce the appeal of dollar-backed stablecoins overseas. He said the issue is especially sensitive as rival ...