CLARITY Act draft targets stablecoin APY, prompting AI-led “Yield-as-a-Service” shift

A U.S. Senate CLARITY Act draft would extend a ban on paying APY on idle stablecoin balances to exchanges, brokers, and other custodial intermediaries, while allowing yield tied to transactional activity. STBL Chief Compliance Officer Joe Vollono says the pressure may push returns toward “Yield-as-a-Service,” where AI agents execute compliant strategies through DeFi instead of passive rewards. A separate White House Council of Economic Advisers model estimates the prohibition could add roughly $2.1 billion in U.S. bank lending and carry a net welfare cost of $800 million.