Banking Regulator Floats New Stablecoin Yield Rules—Do They Hurt Coinbase?

In brief

• The OCC proposed rules that would restrict certain stablecoin rewards programs under the GENIUS Act.
• The language could affect Coinbase’s USDC rewards arrangement with Circle, some industry experts said.
• But the rules are changeable, and not final, and others believe they won’t outlaw top stablecoin rewards programs.