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Coinbase and PayPal to Continue Offering Stablecoin Rewards in Response to "GENIUS Act" Regulatory Controversy
BlockBeats News, August 5th, according to Decrypt, Coinbase CEO Brian Armstrong stated during last Thursday's earnings call that the company will continue to offer USDC holding rewards to users, calling the program a key differentiator to attract users.
Despite the "GENIUS Act" banning stablecoin issuers from paying interest or returns, Armstrong clarified: "We are not the issuer, and it's not interest that's being paid, it's a reward." Coinbase currently offers a 4.1% APY on USDC deposits to U.S. users.
The act specifically targets issuers like USDC's issuer Circle and does not prohibit exchanges from providing rewards. A Senate staffer explained that the act aims to prevent stablecoins from being treated as traditional deposit instruments.
In addition, PayPal is also pursuing a similar strategy, offering a 3.7% APY to users holding its stablecoin PYUSD to attract more customers.
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