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Circle CEO Jeremy Allaire weighed in on the <a class="ticker-mention" href="/en-US/token/genius">GENIUS</a> Act's prohibition on stablecoin issuers paying interest directly to users, arguing the more consequential question is whether distributors — the wallets, apps, and platforms sitting between issuers and end users — can legally offer their own reward structures.
Allaire frames the broader shift as stablecoins moving toward an internet software architecture: programmable, composable, and globally accessible. In that model, traditional finance doesn't disappear — it faces the same kind of structural competition the internet brought to media, retail, and communications.
The GENIUS Act, currently advancing through the US Senate, would establish the first federal licensing framework for payment stablecoins. How it handles the distributor-rewards question could shape the economics of the entire sector.
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