Recently, there has been new progress on the U.S. stablecoin legislation, and this compromise proposal has sparked quite a bit of discussion within the industry.

According to the latest news, the CLARITY Act has finally reached a consensus on stablecoin yield mechanisms. In simple terms, crypto companies will be able to reward users based on their actual transaction behavior, such as cashbacks or membership benefits, but cannot pay interest on idle stablecoin balances.

This compromise is actually quite interesting. It essentially clarifies stablecoins as payment tools rather than turning them into bank-like deposits or high-yield savings products. In other words, the financial attributes of stablecoins are limited, but their payment functions are strengthened.

From a balancing perspective, this clause finds a compromise between the crypto industry and the traditional banking system, though honestly, it is more favorable to the banking sector overall. Many industry institutions, including some major exchanges, have already changed their stance to support this bill. They believe that although the yield restrictions are indeed tighter, at least there is still room to earn rewards based on actual usage scenarios. Of course, some industry players point out that this revision limits the expansion of stablecoins' financial attributes, which could hinder innovation in the long run.

In terms of progress, Senate Banking Committee Chairman Tim Scott plans to schedule markup hearings for the bill soon, possibly as early as mid-May. However, aside from the stablecoin yield rules, discussions on DeFi regulation, developer responsibilities, and ethical clauses are still ongoing, and these could become variables affecting the final passage.

The market generally considers the next two weeks as a critical window; whether this stablecoin legislation can be successfully enacted depends on the developments during this period.