$Circle Internet Corp.(CRCL)$
Their view is that the CLARITY Act will essentially stop the stablecoin interest rate competition. Since Circle doesn't pay direct passive interest on USDC, the bill legally safeguards their high-margin model, which comes from keeping the interest spread on reserves.
Bernstein also points out that the bill explicitly protects utility and activity-based rewards. This validates Circle's strategic partnership setup with Coinbase, making it fully compliant.
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