США рискуют уступить цифровое первенство Китаю из-за споров о стейблкоинах The US Risks Losing Digital Supremacy to China Amid Stablecoin Debates

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

He pointed out the dangers of limiting the yield on American assets. In his view, this gives an advantage to Beijing, which, in contrast, is implementing interest-earning mechanisms for users of the digital yuan (CBDC).

Debates continue in the U.S. regarding the GENIUS Act, which prohibits issuers of stablecoins from paying interest to asset holders. Currently, discussions focus on the rigor of enforcing this regulation.

The situation is escalating amid news from China. The People’s Bank of China announced that starting January 1, 2026, commercial banks will be able to pay interest on deposits in digital yuan (e-CNY). Essentially, the regulator is transitioning e-CNY from the category of «digital cash» to a fully-fledged savings asset.

Shirzad finds this a troubling signal. He believes that the Senate’s misguided 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 means of transactions. He urged lawmakers to protect the dollar’s supremacy rather than the interests of «established players.»

Positions among U.S. stakeholders are divided. The Blockchain Association and over 125 companies are urging Congress not to ban yield. They argue that such restrictions would weaken the competitiveness of U.S. assets.

Conversely, the American Bankers Association insists on strict limitations. Traditional financial institutions fear that exchanges will find loopholes for concealed payouts and pull clients away from them.

As a reminder, in November, the Central Bank of China confirmed the illegal status of digital assets in the country and outlined the risks associated with using stablecoins.