Bernstein says Clarity Act yield compromise cements Circle’s edge amid record stablecoin supply
The Block
Bernstein analysts argue that the Clarity Act's stablecoin yield compromise reinforces Circle's competitive advantage in a record-high stablecoin market.Summary
Bernstein analysts suggest that the recently advanced Clarity Act includes a compromise on stablecoin yield that structurally benefits Circle. By prohibiting passive interest that mimics bank deposits while allowing activity-based incentives, the legislation protects Circle’s existing model, which relies on rewards for usage rather than passive yield. As the stablecoin market hits an all-time high of $300 billion, this regulatory clarity helps cement Circle’s dominant market position, particularly as it expands its agentic payment infrastructure and integrates its ARC blockchain ecosystem.
(Source：The Block)