CLARITY Act fight over stablecoin rewards exposes gap between U.S. bank deposit rates and Treasury yields

As U.S. lawmakers advance the CLARITY Act, a policy battle is intensifying over whether stablecoin rewards should be treated as illegal interest and how that definition impacts banks and crypto platforms. FDIC data from Dec. 15, 2025 shows national savings and checking rates far below a 3.89% Treasury reference yield, while programs such as Coinbase's 3.50% USDC rewards and Binance's Simple Earn promotions highlight competing cash-like returns. The drafting dispute is now focused on drawing a line between "hold-to-earn" yield and activity-based loyalty incentives, with banks warning that stablecoin rewards threaten both their deposits and customer relationships.