The "GENIUS Act," which took effect in mid-July, prohibits stablecoin issuers from directly paying out rewards, triggering a review of rewards programs. The market capitalization of stablecoins is expected to soar to $297 billion by 2025, a nearly 50% rise from January. Companies like PayPal offer a 3.7% annual interest rate on PYUSD as "rewards" rather than interest, while some other companies collaborate with banks or use clearing accounts to circumvent the restrictions. Experts indicate that regulators may question these workarounds, leading to a divide between compliant issuers (such as Circle) and offshore issuers (such as Tether). The bill aims to clarify the rules regarding rewards but may deepen the divide between regulated and unregulated stablecoins.