Stablecoins

A Reward, or Interest? The Loyalty Question Deciding Stablecoin Law

Part I of a two-part research program. The Senate's market-structure bill is stalled, in part, over a definition the payments industry settled decades ago.

FDP

Franco Di PietroThe Payments Corner

July 7, 2026LinkedIn

This is Part I of a two-part research program, published deliberately in two stages because the situation it analyzes is live. Part I makes the argument that can be made today — before the Senate acts on the legislation at the center of it. Part II, the full treatment, publishes once Washington has decided, in whichever direction it decides.

The most consequential question in payments law this summer sounds almost trivial: what is the difference between a reward and interest?

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FDP

Franco Di Pietro

The Payments Corner

30+ years across payments, fintech, banking, and financial infrastructure. Operator-level perspectives on the systems that move money.

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