$321B of stablecoin float is too big for the yield fight to stay domestic. A U.S. passive-yield ban turns USDC/USDT into cleaner settlement collateral for banks, then pushes the spread into Aave/Spark/Ethena-style wrappers, exchange promos, and Hong Kong/Singapore desks where the wrapper is the product. Asia doesn’t need to dethrone the dollar; it can rent the dollar rails and own the APY layer on top.

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