TLDR
- NC bankers urged calls to Sen. Thom Tillis on Clarity stablecoin yield text.
- House PARITY draft would exclude many gains on qualifying payment stablecoins.
- GENIUS Act created a federal framework for permitted payment stablecoin issuers.
- Bank groups want tighter limits on yield-like rewards tied to stablecoin balances.
Stablecoin tax policy is moving ahead in Washington, while banks are pressing for tighter yield rules in the Clarity Act. The two tracks now sit side by side, and they could shape how digital dollars work in the United States.
A North Carolina banking group has urged member banks to contact Senator Thom Tillis over stablecoin yield language. At the same time, House lawmakers are advancing a tax draft that would make some regulated stablecoin payments easier for users.
Banks push for tighter stablecoin yield language
The North Carolina Bankers Association has asked member banks to call Tillis’s office before a Senate Banking Committee markup. The group wants stronger limits on yield-like features tied to stablecoin balances.
An email shared by a bank employee said the current compromise text ”does not accomplish the goal” of limiting deposit flight. It also gave staff a script for calls to Tillis’s office. The message asked for an ”airtight prohibition” on interest or yield-like payments.
The email also told employees they did not need to answer questions or defend the position. It said, ”Simply state your message and you’ll be thanked for your call. It’s that easy.” That wording showed a direct push for volume and speed.
The pressure reflects a wider concern among banks. They want stablecoins to remain payment tools, not products that compete with deposits through rewards. That fight now centers on whether loyalty programs or small activity rules create a workable loophole.
House tax draft backs regulated dollar stablecoins
While banks press on yield, lawmakers are also trying to make regulated stablecoins easier to use. The Digital Asset PARITY Act discussion draft would change how certain stablecoin transactions are taxed.
Under the revised March 2026 draft, gains on sales of a regulated payment stablecoin would usually stay out of gross income. Losses also would not be recognized in most cases. The rule would apply when the token stays close to its redemption value.
The draft limits that treatment to regulated dollar-pegged stablecoins under the GENIUS Act. It also excludes brokers and dealers. For exchanges, the recipient would take a deemed basis of $1.
That approach would reduce friction for users and merchants. Small price moves around $1 would no longer create tax issues in many routine transactions. As a result, lawmakers are trying to treat stable payment tokens more like cash in daily use.
GENIUS framework sets the lane for issuers
The tax draft depends on the legal category created by the GENIUS Act. That law set federal rules for payment stablecoin issuers, reserves, and compliance duties. It also tied permitted issuers to anti-money-laundering and sanctions rules.
Rulemaking is already moving through federal agencies. The OCC released proposed rules in March 2026. Treasury, FinCEN, OFAC, and the FDIC also began work on reserve, compliance, and application standards.
No issuer has formal permitted status yet because final rules are still pending. Even so, the likely early candidates are already clear. Circle’s USDC is widely seen as a leading contender, while Tether launched a separate US token through Anchorage.
Banks may also enter the market under the new framework. That could expand the field beyond crypto-native issuers. Together, the tax draft and the yield fight show a clear policy split: Washington is opening a path for regulated stablecoins, while banks are trying to narrow how those tokens compete for customer balances.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
