Tensions between traditional finance and digital asset firms are escalating as policy debates over stablecoin rewards heat up. Coinbase (Nasdaq: COIN) shared on social media platform X on Sept. 29 that banks are pressing for measures that would prevent customers from earning rewards on stablecoin holdings. The crypto exchange framed the effort as an attempt to secure a bailout for traditional banks while undermining consumer benefits and suppressing competition.

Coinbase posted:

The big banks are coming for another bailout by attacking crypto. They don’t want you to earn rewards on your stablecoin holdings.

“Our take: competition = better options for consumers. If you wouldn’t ban credit card rewards, don’t ban crypto rewards,” Coinbase added. Chief legal officer Paul Grewal expanded on this position, stating: “Big banks are trying to undo law. They want a bailout because competing with products that too often suck is, well, hard. Stablecoin rewards need to stay. This bill is on the books for a month and is now the law.”

Coinbase’s business model includes offering rewards for holding USD Coin (USDC), a stablecoin pegged to the U.S. dollar. Eligible customers automatically receive variable rewards funded by Coinbase, making the program a form of passive income. Coinbase recently introduced 4.1% USDC rewards for Canadian customers, a rate that stands in contrast to near-zero returns offered by many Canadian bank savings and chequing accounts.

Chief executive Brian Armstrong also weighed in with a sharper critique. He posted:

Hypocrisy from banks is causing problems for crypto again. Banks want to remove your ability to earn rewards when holding stablecoins. Competition is good for consumers. They’re just mad that they’re losing. Big banks don’t need another bailout, they need better products.

He continued: “USDC rewards are law under the GENIUS Act, but banks want undo them to maintain their monopoly.” Armstrong encouraged users to contact lawmakers through the Stand With Crypto campaign to oppose what he described as bank bailouts. Crypto advocates argue these programs represent healthy competition, while critics warn that such incentives require stronger oversight to prevent systemic risks.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。