The Battle for Stablecoin Rewards Heats Up: How US Regulatory Battles Are Reshaping Exchange Business Models

LiquidityWitch · 2026-01-12T10:20:11+00:00

Discussions in the U.S. Congress regarding stablecoin reward policies are intensifying, with compliant platforms increasing lobbying efforts to protect the reward mechanisms. The banking industry opposes stablecoin rewards, fearing the diversion of traditional deposits, and regulatory classification issues could impact the business models of exchanges and payment platforms. If only licensed financial institutions are permitted to issue rewards, smaller platforms will face greater pressure, and compliance will become the core of competition.

LiquidityWitch

2026-01-12 10:20:11

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【CryptoWorld】The game of the US Congress over stablecoin reward policies is heating up. According to the latest reports, a leading compliant platform is increasing lobbying efforts in the US Congress in hopes of preserving the practice of issuing rewards to stablecoin holders. If the “Digital Asset Market Structure Act” continues to tighten restrictions on stablecoin rewards, it will directly impact the revenue models of platforms that rely on stablecoins like USDC.

The banking industry strongly opposes this, fearing that stablecoin rewards will divert traditional deposits. At its core, this dispute revolves around the regulatory classification of “whether stablecoins have deposit-like attributes.” Industry analysts believe that this classification will have far-reaching impacts on the business models of exchanges, wallets, and payment platforms.

If ultimately only licensed financial institutions are allowed to issue stablecoin rewards, industry concentration will further increase, and smaller platforms will face greater pressure. This means that the boundaries of compliance are becoming a key variable in platform competition. Those who can better understand and adapt to the new regulatory framework will hold the advantage in the next phase of competition.

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