Stablecoin

On 15 January 2026, Robinhood CEO Vlad Tenev warned the United States risks falling behind as Senate committees postponed action on a crypto market bill. He highlighted strong user interest in staking and tokenized equities, while Coinbase withdrew support over concerns about DeFi, tokenized stocks, stablecoin incentives, and SEC authority.

On January 15, Bank of America CEO Brian Moynihan warned Congress that interest-bearing stablecoins could divert as much as $6 trillion from commercial bank deposits. He compared stablecoins to money market funds and pressed for regulatory clarity, while the CLARITY Act proposes limiting rewards on idle stablecoin balances.

Bank of America CEO Brian Moynihan told analysts on Wednesday that up to $6 trillion in U.S. bank deposits could move into stablecoins if interest is permitted, citing Treasury Department studies. On Jan. 9, the Senate's latest draft would ban passive yield on stablecoin balances while allowing activity-based rewards, and a planned committee markup was later postponed.

The Senate Banking Committee scheduled a CLARITY Act markup for January 15, with amendment discussions expected later in the month. Draft provisions span SEC/CFTC roles, DeFi oversight, and stablecoin incentives, while institutional sentiment improves as Bitcoin nears the $100,000 threshold. The committee's direction will shape market structure and adoption expectations.

On Wednesday, Senate Banking Committee Chairman Tim Scott postponed a planned Thursday markup of a broad crypto market structure bill after Coinbase CEO Brian Armstrong retracted the exchange's backing for the latest draft. The legislation would classify crypto tokens, shift spot market oversight to the CFTC, and limit interest-like rewards on stablecoin holdings, while talks continue over disclosure rules and industry concerns.

Global Settlement Network announced a pilot to tokenize eight government-contracted water treatment sites in Jakarta, according to a Wednesday statement. The plan aims to raise up to $35 million for upgrades and to test rupiah‑stablecoin settlement rails, with a target to scale to $200 million in tokenized assets across Southeast Asia over the next 12 months.

Coinbase CEO Brian Armstrong stated on Wednesday that the exchange cannot back the latest US Senate crypto bill in its current form, arguing it would be worse than existing rules. He warned the draft could amount to a ban on tokenized equities, restrict DeFi and privacy, weaken the CFTC relative to the SEC, and curb stablecoin rewards, just as lawmakers prepare for a key Senate Banking Committee phase.

The Senate Banking Committee pulled its planned markup and vote on a comprehensive crypto bill after support eroded midweek. Chair Tim Scott announced the postponement Wednesday night; Coinbase withdrew backing, citing treatment of stablecoin yield, tokenized equities and DeFi. A new hearing date has not been set.

On January 15, 2026, multiple crypto firms including Ripple, Circle, a16z and the Digital Chamber voiced support for Senate Republicans' crypto market structure bill, while Coinbase and its CEO Brian Armstrong opposed it. The bill centers on regulatory clarity for DeFi and stablecoins such as USDC, which is priced at $1.00 with a $75.78 billion market cap and $19.84 billion in 24-hour volume, and industry participants are calling for amendments to balance innovation with oversight.

US Senator Cynthia Lummis reportedly expects the Senate Banking Committee to postpone its markup of the CLARITY Act after Coinbase withdrew its backing over DeFi and stablecoin reward provisions. Coinbase CEO Brian Armstrong said the current draft, which ends stablecoin rewards and raises concerns about tokenized stocks and financial privacy, would be worse than existing rules and could materially affect the firm's revenue.