The CLARITY Act prohibits yield on stablecoins, putting the US dollar at a disadvantage to China’s Digital Yuan. People’s Bank of China allows interest on digital yuan deposits. Coinbase CEO Brian Armstrong warns banning stablecoin yield undermines dollar competitiveness. Bank of America CEO fears $6 trillion exodus due to stablecoins.

Read more at Cointelegraph: Stablecoin Yield Prohibition Gives Digital Yuan Leg Up Over USD: Scaramucci