Market Structure Update The next round of White House-facilitated discussions on stablecoin yields/rewards is set for Tuesday (February 10, 2026). It's staying at the staff level, but a key upgrade is that direct representatives from the banks themselves will now participate in addition to the usual industry trade groups (e.g., Blockchain Association, Chamber of Digital Commerce, American Bankers Association, Bank Policy Institute, etc.). This follows the February 2, 2026 White House meeting (hosted in the Diplomatic Reception Room, led by Trump's crypto adviser Patrick Witt), where crypto firms (Coinbase, Kraken, Ripple, Paxos, Tether, etc.) and banking groups (ABA, BPI, ICBA, etc.) met for over two hours. It was described as "constructive" with "positive vibes" and no major blowups, but no agreement was reached on the core issue: whether stablecoin issuers or third parties (like exchanges) should be allowed to pay yield/rewards on stablecoins. Banks argue yield-bearing stablecoins risk pulling deposits away from traditional banking (hurting lending to communities, small businesses, etc.), potentially creating financial stability issues echoing concerns Treasury Secretary Scott Bessent has voiced in recent FSOC hearings (he emphasized avoiding deposit volatility for community banks). Crypto side (e.g., Coinbase's Brian Armstrong) sees rewards as a competitive feature and essential for user adoption, calling bans a way for banks to stifle competition. The White House reportedly set an end-of-February 2026 deadline for a compromise to keep the broader Digital Asset Market Clarity Act (Clarity Act) moving in the Senate it's passed the House and cleared a key committee but remains stalled partly over this.