U.S. authorities materially permit third-party payment-stablecoin rewards

Assume that by March 31, 2027, U.S. federal authorities publicly and materially permit third-party reward programs tied to payment stablecoins, without requiring the rewards to be discontinued or substantially redesigned. The action applies to U.S. payment stablecoin reward arrangements offered by exchanges, payment firms, custodians, or other non-issuer service providers, and it makes clear that qualifying rewards are not treated as prohibited issuer-paid yield solely for holding or using a stablecoin. Specific reward rates, user volumes, issuer exemptions, and program-by-program approvals may remain unavailable unless reported by the authorities or MarketBrief.