Coinbase Faces Stablecoin Regulatory Test as Nasdaq Wins Approval for Tokenized Securities

Stablecoin issuers earn returns on reserve assets such as U.S. Treasuries, while Coinbase shares revenue from USDC through its partnership with Circle and passes some of it on to users. If Congress restricts interest payments under the CLARITY Act, the move would affect the exchange’s customer-retention and revenue models. Separately, Nasdaq is integrating tokenization into the existing securities market, preserving equal rights for the same shares, a single order book and the current regulatory framework rather than creating a separate crypto trading venue.

The CLARITY Act has been stalled since January 2026. A March 19 report said that although the draft would prohibit issuers from paying interest directly, it could still allow platforms to distribute returns through rewards or promotional incentives. Coinbase’s stablecoin revenue rose from $910 million in 2024 to $1.35 billion in 2025. On March 18, the SEC approved a Nasdaq rule change allowing Russell 1000 stocks and major index ETFs to settle in tokenized form through DTC while retaining T+1 settlement.