美股IPO·2026-03-25 00:52Core Viewpoint - The regulatory controversy surrounding the yield mechanism of stablecoins has led to significant market volatility, with concerns about the potential impact on the business model of stablecoins due to proposed legislation in the U.S. Congress [1] Group 1: Regulatory Developments - The U.S. Senate is advancing the Clarity Act, which may include a key provision prohibiting platforms from paying interest to stablecoin holders in a manner similar to bank deposits [3] - The proposed legislation would allow rewards related to real business activities, such as loyalty programs and promotions, but would ban direct or indirect interest payments to users holding only stablecoins [3] - The White House and several senators reached a preliminary compromise on this issue and began discussions with banks and crypto companies regarding specific terms [5] Group 2: Market Reactions - Following the news of the proposed legislation, Circle's stock (CRCL.US) fell over 20%, and Coinbase's stock (COIN.US) dropped more than 9.7%, reflecting market fears that banning yields could diminish the incentive for users to hold stablecoins [3] - The current stablecoin model typically involves issuers investing reserve funds in low-risk assets like U.S. Treasury bonds and sharing yields with distribution platforms, which has raised concerns among traditional banks about potential deposit outflows [3] Group 3: Industry Implications - The ongoing legislative debate highlights the conflict between the crypto industry and the banking sector, with significant disagreements over whether stablecoins should possess characteristics similar to deposits [4] - Analysts suggest that if the legislation is delayed or fails, the crypto industry may face stricter regulatory environments in the future, with the SEC chairman emphasizing the importance of a clear regulatory framework for industry development [5]