U.S. Senate Banking Committee to revisit stablecoin rewards in upcoming market structure markup

The U.S. Senate Banking Committee is scheduled to mark up its long-awaited market structure bill next week, reopening debate on whether stablecoin issuers may offer rewards, an issue previously addressed in the GENIUS Act. The discussion centers on how rewards could affect competition in payments, community bank deposits, and the role of the U.S. dollar in onchain commerce, with industry research and geopolitical considerations shaping lawmakers' positions.