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Circle (NYSE:CRCL) has gained a potential long-term advantage after lawmakers advanced the Clarity Act, according to Bernstein.
Bernstein analysts said the compromise language in the bill effectively blocks a “yield arms race” where stablecoin issuers compete by offering higher interest rates to attract deposits.
That distinction matters for Circle because the company does not directly pay passive yield on USDC holdings. Instead, partners like Coinbase Global Inc (NASDAQ:COIN) use distribution agreements and activity-based rewards tied to (CRYPTO: USDC) usage.
Bernstein maintained outperform ratings …
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