США рискуют отстать от Китая в цифровом финансировании из-за ограничений на стейблкоины The U.S. Risks Falling Behind China in Digital Finance Due to Stablecoin Restrictions

The U.S. may lose the competitive edge to China due to stringent regulations on stablecoins, according to Coinbase representative Faryar Shirzad.

He highlighted the danger of limiting the yields on American assets, arguing that this grants an advantage to Beijing, which is actively implementing a mechanism for interest accrual for users of the digital yuan (CBDC).

Debates continue in the U.S. regarding the GENIUS Act, which prohibits issuers of «stable coins» from offering interest to asset holders. The current discussions focus on the rigidity of enforcing this rule.

Tensions are rising in light of news from China, where the People’s Bank of China announced that starting January 1, 2026, commercial banks will be allowed to pay interest on deposits in digital yuan (e-CNY). Essentially, the regulator is transitioning e-CNY from the category of «digital cash» to that of a legitimate savings asset.

Shirzad views this as a troubling signal, believing that the misguided Senate policy will benefit foreign CBDCs and non-American stablecoins.

The Coinbase executive emphasized that tokenization represents the future, and stablecoins under U.S. jurisdiction should remain the primary instrument for transactions. He urged lawmakers to protect the dominance of the dollar rather than the interests of entrenched players.

In the U.S., opinions are deeply divided. The Blockchain Association and over 125 companies are urging Congress not to ban yields, asserting that such restrictions would weaken the competitiveness of U.S. assets.

Conversely, the American Bankers Association insists on strict limitations, fearing that exchanges might find loopholes for hidden payments and lure clients away.

It’s worth noting that in November, the Central Bank of China reaffirmed its stance on the illegal status of digital assets in the country and outlined the risks associated with the use of stablecoins.