CLARITY Act failure preserves stablecoin rewards as banks push back
- —Circle earned $668 million in revenue from USDC reserves in Q2 2026, up 5% year over year
- —Coinbase's stablecoin revenue was $292 million — about a quarter of total revenue
- —USDC issuance fell from $77 billion in March to $73.3 billion in June
- —Circle shares fell 5.79% over the week, while Coinbase rose just 0.98%
Why it matters: The fate of stablecoin rewards hinges on whether regulators deem them a workaround for interest, which will determine revenue for Coinbase and Circle.
Source: Blockmedia