The controversy over the stablecoin yield ban in the U.S. crypto framework bill may accelerate the flow of funds towards "synthetic dollars" and trigger capital outflows

According to CoinTelegraph, experts warn that the proposed yield restrictions on stablecoins in the U.S. Cryptocurrency Structure Bill (CLARITY Act) may drive demand for offshore and synthetic dollar products, as investors seek to earn yields outside of regulated markets.

It is understood that under the already effective GENIUS Act framework, payment stablecoins like USDC must be fully backed by cash or short-term U.S. Treasury securities and cannot pay interest directly, being regarded as "digital cash." Colin Butler, head of the Mega Matrix market, stated that prohibiting compliant stablecoins from offering yields to holders does not protect the U.S. financial system; rather, it marginalizes regulatory agencies and accelerates the migration of capital beyond regulatory boundaries. Currently, the digital yuan has interest-bearing capabilities, and Singapore, Switzerland, and the UAE are advancing frameworks for interest-bearing digital assets. If the U.S. prohibits compliant dollar stablecoin yields, it may weaken global competitiveness.