Coinbase raises USDC rewards to 3.75% after Senate vote
USDC (USDC)
Editor:
Eugene Serbin
digitaltoday.co.kr reports that Coinbase increased the USDC reward rate for Coinbase One subscribers to 3.75 percent on September 17. This adjustment follows a procedural vote on September 16 where the U.S. Senate failed to secure the 60 votes needed to begin consideration of the Clarity bill. The vote resulted in a 49-50 split, with Senators Josh Hawley and Jerry Moran among four Republicans who broke ranks.
The Clarity bill contains provisions that would limit rewards stablecoin issuers provide to users. Banks argue these rewards compete with deposit products, while the crypto industry claims limits would reduce competitiveness. Some industry observers described the timing as a message in the regulatory debate, with one person calling it closer to a "satire" aimed at the banking sector.
The reward is calculated daily based on balances for members holding at least $1 of USDC. Coinbase has not explicitly stated the increase was a direct response to the bill's blockage. The future of stablecoin reward regulation remains a key variable as deliberations continue.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 17 September 2026. Not the outlet's figures.
Whalio's Binance spot data for USDC shows a buy ratio of 44.9% over the last hour and 47.4% over four hours, both trailing the 49.4% seen over 24 hours. This decline in buying pressure suggests that short-term momentum is fading relative to the daily average. Volume delta reflects this weakness, showing net selling of $11,108,646 in the last hour and $37,063,475 over four hours. The 24-hour volume delta stands at -$39,020,603, indicating sustained outflow pressure. The Cumulative Volume Delta (CVD) at the 24-hour close reached -$58,971,460, confirming that sellers have dominated the market over the full day. Despite this, spot volume remains high at $3,265,511,600 with 598,835 trades executed.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
Comparing today's activity to the preceding week reveals a buy ratio of 49.5% on average, making today's 24-hour ratio of 49.4% virtually identical to the weekly norm. The difference is just 0.1 percentage points, indicating no significant shift in sentiment. However, volume has surged to 1.26 times the weekly average, highlighting unusual trading intensity. Over the past eight days, the volume delta totaled -$287,971,729, showing consistent selling pressure throughout the week. This suggests that while buying balance is normal, the scale of activity is elevated compared to typical days.