入门 Eight U.S. Banking Groups Call for Stricter Stablecoin Reward Limits in Clarity Act
Quick answer
Eight U.S. banking trade associations—including the American Bankers Association (ABA), The Clearing House, and the Consumer Bankers Association—jointly urged lawmakers on September 15, 2026, to strengthen restrictions on stablecoin reward programs within the draft Clarity Act. They argue that unregulated yield incentives could encourage excessive risk-taking, erode deposit stability, and blur regulatory boundaries between banks and nonbank issuers. Their letter, reported by Panews Lab, recommends explicit caps on interest-bearing features tied to stablecoin holdings and clearer prohibitions on bank-affiliated entities offering such rewards without full banking supervision.
Why are banking groups targeting stablecoin rewards specifically?
Stablecoin reward programs—such as those offering yield on USDC or USDT balances via integrated wallets or DeFi-like interfaces—pose novel supervisory challenges, according to the coalition. In their September 15, 2026 submission, the groups emphasized that rewards structured as ‘interest-like returns’ on stablecoin balances may functionally replicate deposit products without meeting Federal Deposit Insurance Corporation (FDIC) requirements or capital adequacy standards. They cited growing evidence of retail users shifting short-term savings from insured accounts into high-yield stablecoin offerings, potentially undermining deposit insurance confidence and liquidity management at traditional institutions. The coalition did not cite specific volume figures but referenced internal industry surveys indicating double-digit growth in stablecoin-based yield product adoption among under-45 U.S. consumers since Q1 2025.
What changes do the groups propose to the Clarity Act’s current draft?
The eight associations advocate for three concrete amendments: (1) a statutory cap on annualized yield offered directly by stablecoin issuers or their affiliates—proposed at no more than 25 basis points above the federal funds rate; (2) a prohibition on FDIC-insured banks from sponsoring or operating reward programs tied to non-deposit stablecoin holdings unless those programs fall under full bank regulatory oversight; and (3) mandatory disclosure language requiring all stablecoin reward interfaces to state prominently: ‘This is not a bank deposit, is not FDIC-insured, and carries principal risk.’ These proposals align with recommendations previously raised by the Federal Reserve Board in its March 2025 payment system policy review—but go further by embedding enforcement mechanisms directly into the Clarity Act’s statutory framework.
How does this relate to broader U.S. stablecoin regulation efforts?
The Clarity Act—formally titled the Clarity for Payment Stablecoins Act—is one of two leading bipartisan bills before Congress addressing stablecoin oversight, alongside the Stablecoin Transparency Act. As of September 2026, the Clarity Act has cleared the House Financial Services Committee but remains pending Senate markup. The banking coalition’s intervention arrives amid heightened scrutiny following the March 2026 GAO report confirming that over 70% of top-tier U.S. banks now hold exposure to stablecoin-adjacent infrastructure (e.g., custody, settlement rails, or reserve auditing). Their push underscores institutional concern that fragmented authority—split among the SEC, CFTC, Fed, and state regulators—enables regulatory arbitrage, especially where rewards straddle securities, commodities, and banking law. For deeper context on how stablecoins intersect with traditional finance, see our analysis of how banks are integrating stablecoins and the Clarity Act’s legislative timeline.
Frequently asked questions
Q: Do these eight groups oppose stablecoins outright? A: No. Their September 15, 2026 statement explicitly supports stablecoins as legitimate payment tools when issued by regulated entities and backed by high-quality, liquid assets—but insists rewards must not mimic insured deposits or bypass prudential safeguards.
Q: Which organizations signed the joint letter? A: Per Panews Lab’s reporting, signatories include the American Bankers Association (ABA), The Clearing House, Consumer Bankers Association (CBA), Independent Community Bankers of America (ICBA), Credit Union National Association (CUNA), Financial Services Roundtable (FSR), Mortgage Bankers Association (MBA), and the Securities Industry and Financial Markets Association (SIFMA).
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Risk warning and disclosure
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