PANews reported on May 18th that, according to The Block, the compromise provisions of the US Clarity Act regarding stablecoin yields passed a crucial vote. Bernstein believes that these provisions effectively end the stablecoin "interest rate arms race," solidifying Circle's model of earning interest spreads based on its USDC float. The bill prohibits paying deposit-like interest on passively held stablecoin balances but retains a reward structure linked to real-world usage such as trading and payments. This aligns with Circle's current practice of distributing USDC incentives through partners like Coinbase. Bernstein stated that this positioning locks stablecoins into "payment instruments" rather than "deposit-like products," further solidifying Circle's competitive advantage in institutional payments and on-chain settlements, given that the total market capitalization of stablecoins has exceeded approximately $300 billion, USDC accounts for 60% of on-chain settlement volume, and over 99% of x402 protocol proxy payments.