Story perspectives

US Crypto Advocates Push for Stablecoin Clarity Amid China Competition

3/20/2026

Summary

Story summary

US crypto advocates urge legislative clarity on stablecoin yields amid competition from China's e-CNY.
China pursues a sovereign e-CNY model, while the US allows privately issued dollar stablecoins to dominate.
Andrew Fei of King & Wood Mallesons says the competition is intense but asymmetrical.
The Clarity Act would enable stablecoin issuers to offer interest on holdings.
Banks oppose the Clarity Act, arguing it could divert deposits and hinder lending.

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Story summary

US crypto advocates urge legislative clarity on stablecoin yields amid competition from China's e-CNY.
China pursues a sovereign e-CNY model, while the US allows privately issued dollar stablecoins to dominate.
Andrew Fei of King & Wood Mallesons says the competition is intense but asymmetrical.
The Clarity Act would enable stablecoin issuers to offer interest on holdings.
Banks oppose the Clarity Act, arguing it could divert deposits and hinder lending.