Coinbase puts pressure on Washington again. The platform once again opposes the compromise on stablecoins, blocking the progress of a key text in the US Senate. Apparently, the debate concerns a technical detail: performance. In reality, it is a strategic battle between banks, exchanges and political power, the outcome of which will reshape the digital dollar economy.
In brief
- Coinbase opposes Senate compromise on stablecoin yields.
- The platform fears that the text will prohibit exchanges from paying returns to users.
- Banks see in these yields a risk of deposit flight.
- The White House held several meetings without reaching an agreement.
Coinbase restarts the standoff over stablecoins in the US Senate
Coinbase told several senators on Monday that it could not support the latest compromise version of the crypto market structure bill.
The disagreement, reported by several specialized media, always revolves around the same question: who can pay a return on stablecoins, and under what conditions?
The heart of the problem is there. One version of the text would prohibit exchange platforms from redistributing yield on stablecoins held by their clients. A restriction designed to reassure banks, which fear a gradual migration of savings outside the traditional banking system.
For Coinbase, this lock changes everything. The yield on stablecoins is not a simple marketing bonusit is a pillar of the crypto economic model. It makes it possible to compete with traditional savings accounts, attract liquidity and make the tokenized dollar a truly useful tool on a daily basis.
This is precisely where the debate takes on a whole new dimension. Because behind the word “yield”, Washington is actually deciding a much deeper question.
Should stablecoins remain an extension of the banking system, or establish themselves as a real alternative?
If the Senate leans in favor of the banks, it will curb the attractiveness of stablecoins for the general public, and will, at the same time, slow down the mass adoption of the digital dollar.
A strategic crypto law, but still trapped by lobbies
The paradox is striking: everyone in Washington says they finally want to give crypto a clear framework. The House of Representatives already adopted the CLARITY Act in July 2025, by 294 votes to 134. The objective of the text is simple, to better distribute roles between the SEC and the CFTC, and to remove the market from the regulatory vagueness that has lasted for too long.
However, on the ground, the file is slipping. The issue of stablecoins has already caused several blockages, to the point that the White House had to organize several meetings to try to secure an agreement between banks and the crypto industry. Without success so far.
The bipartisan duo formed by Senators Thom Tillis and Angela Alsobrooks are trying to keep the text alive. Senator Cynthia Lummis is unambiguous: without rapid compromise, the mid-term electoral calendar could definitively bury the reform.
“ We can't wait until 2030 to have another chance “, she wrote on X.
This file goes well beyond Coinbase. What is at stake here is the place of the tokenized dollar in the American finance of tomorrow. Restricting stablecoins today risks slowing down an advance that the United States has spent years building, at the precise moment when asset tokenization, on-chain payments and programmable finance cease to be simple concepts and become reality.
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