Coinbase’s Chief Policy Officer, Faryar Shirzad, issued a stark warning that the U.S. risks conceding dominance in digital finance to China over proposed stablecoin regulations.
The alert comes as the People’s Bank of China (PBoC) announced it will permit interest payments on its digital yuan (e-CNY) starting January 1, 2026.
The geopolitical issue centers on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.
The current legislation, a key framework for regulating stablecoins in the U.S., prohibits issuers from paying interest directly to holders.
Shirzad argues this restriction creates a critical competitive disadvantage for U.S. dollar-pegged stablecoins.
For those who misunderstand what’s at stake in the debate on offering rewards on US-issued stablecoins under the GENIUS Act, a sobering and timely announcement from the People’s Bank of China that they plan to pay interest on the Digital Yuan. 🇨🇳🇨🇳
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