If the Clarity Act is passed according to the 26 year version, the only revenue scenario for stablecoins will return to DeFi. All custodian stablecoin issuers/intermediaries cannot provide yield to user balances in any form, including the previous project party giving rewards to CEX, who then distributes them to users. This GENIUS Act distributor loophole has also been plugged. And 'unmanaged' DeFi is unrestricted t1: aave、sky、morpho t2: pendle T3: On chain strategic project Tx: Decentralized stablecoin These are the most obvious benefits for t1, and in the future, pending may benefit from the prosperity of the on chain interest rate market. Furthermore, there are on chain strategic projects that balance profits among various defi. The co founder of Reflect, the publisher of this post, belongs to this category. Previously, losing market attention was due to the strong dominance of CEX and centralized institutions in this field, both in terms of user experience and profitability. However, if this matter is restricted, these on chain projects may once again receive attention. Decentralized stablecoins, this varies from person to person, I won't elaborate further. In summary, the core benefits are: All DeFi protocols that allow users to control their own funds and generate real economic activities and profits through smart contracts. (Coinbase has clearly opposed it because it directly targets the business of Circle USDC, but the banking industry should insist on this position, let's see if there will be any changes in the negotiations.)