Recent developments around the proposed US CLARITY Act are beginning to reshape how markets think about stablecoins — and, more pointedly, how the companies behind them make money. At the centre of the debate is a relatively technical question with wide-reaching implications: should stablecoins — digital tokens typically pegged one-to-one to fiat currencies such as the dollar — be allowed to offer users yield simply for holding them? In traditional finance, earning interest on deposits is standard. In crypto, however, that model has often blurred the line between payments infrastructure and quasi-banking products. ... (full story)