Stablecoin Yield

• Senators Thom Tillis (R-NC) and Angela Alsobrooks (D-MD) announced an 'agreement in principle' with the White House on stablecoin yield payments in crypto market structure legislation on March 28, 2026. • The non-public text addresses key issues for Senate Banking Committee markup in April, following talks with banking and crypto industry stakeholders. • Coinbase expressed opposition to the proposed language, potentially impacting final negotiations.

• Negotiations on stablecoin yield provisions in the Senate crypto market structure bill have reached 99% resolution, with remaining friction being political rather than technical, according to Senator Cynthia Lummis. • The Senate Banking Committee markup is expected in late April, which creates a narrow window for the bill to complete all five sequential steps before the midterm election cycle begins dominating the floor calendar. • Senator Bernie Moreno warned that if the bill does not advance by May, digital asset legislation may not receive serious consideration again for years, creating urgency for passage.