The stablecoin yield policy battle is about to heat up. The U.S. Congress is brewing a key issue: whether or not to restrict the reward mechanisms of stablecoins. Both sides are firmly opposed.

On one side are industry voices lobbying — traditional banking groups are pushing legislation to prohibit stablecoins from paying yields to users. This move may seem like financial competition, but it actually touches on fundamental interests. Because if stablecoins can offer higher returns, users will naturally shift their funds from bank accounts to crypto platforms. Bank executives openly admit that this would force them to raise deposit interest rates, eroding profit margins.

On the other side are market voices — the crypto industry believes this is artificial suppression of innovation. Why can't Americans earn better returns through their own funds? Why impose artificial limits? Recently, the chairman of a Senate committee paused a vote on a draft Digital Asset Market Structure Act, which originally allowed trading incentives but prohibited deposit yields. Now, lawmakers plan to revise the direction and propose a complete ban on any form of rewards for stablecoins.

The outcome of the vote is still unpredictable. But the victory or defeat in this policy tug-of-war will directly determine the future space for the stablecoin market.