Coinbase and PayPal insist on issuing stablecoin rewards in response to the regulatory controversy over the GENIUS Act
2025-08-05 01:22:53
Coinbase CEO Brian Armstrong said in an earnings call last Thursday that the company will continue to issue USDC holding rewards to users, calling the program an important differentiator to attract users. Although the GENIUS Act prohibits stablecoin issuers from paying interest or earnings, Armstrong clarified: "We are not an issuer, and we are not paying interest, but rewards". Coinbase currently offers US users an annualized yield of 4.1% on USDC deposits. The bill only targets issuers, such as Circle, the issuer of USDC, and does not prohibit trading platforms from offering rewards. A Senate staffer explained that the bill is designed to prevent stablecoins from being treated as traditional deposit vehicles. In addition, PayPal is also pursuing a similar strategy, offering 3.7% annualized gains to users who hold its stablecoin, PYUSD, in order to attract more customers.
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