Clarity Act deadlock fails to stop Stablecoins smashing $320B and yield-bearing tokens surging

Stablecoin supply climbed to a record $320 billion this week, extending the continued surge in dollar-linked digital assets. This comes as one of the biggest questions hanging over the sector remains unresolved in Washington: whether the income generated by the reserves backing those tokens should stay with issuers or be shared with users. Nonetheless, the new peak underlines how far stablecoins have moved from their original role as trading tools inside crypto markets. Over the past year, dollar-pegged tokens have been increasingly used for payments, payroll, savings, and cross-border transfers, broadening their place in the financial system as lawmakers struggle to define the rules that will govern them. Why this matters A handful of issuers and chains now sit at the center of how dollars move on-chain, but Washington still hasn’t decided whether everyday users can share in the income those reserves generate. The longer that gap persists, the more capital and innovation risk drift offshore while U.S. rules lag behind. That tension now sits at the center of the debate over the CLARITY Act, a broader bill on digital asset market structure that has become mired in the Senate over the treatment of stablecoin rewards. Related Reading CLARITY Act faces a 2 week deadline as Senate gridlock and bank pressure threaten freeze out until 2030 Coinbase’s Brian Armstrong just flipped back to support after a Treasury push, yet Senate Banking still hasn’t moved. Apr 14, 2026 · Oluwapelumi Adejumo A record market still runs through a few issuers and chains The latest growth in the