The OCC's final stablecoin rule, published Oct 21, decides who keeps the interest on your stablecoins: the issuer, not you.OCC 10 月 21 日发布的稳定币最终规则，决定了你的稳定币利息归谁：归发行方，不归你。

The common read is that stablecoins pay nothing because that's how they work. They pay nothing because the law says so. Reserves are held in dollars and liquid assets that earn interest, and the rule bars issuers from passing any of it to holders, so the income stays with the issuer.

The opening is in the details. The final text dropped the presumption that rewards paid through affiliates or third parties are unlawful; the OCC will judge them case by case. That's why the American Bankers Association objected, citing deposits leaving local banks, and why the Blockchain Association called the rule faithful to the statute.

So if an exchange or app pays you rewards on stablecoins, someone other than the issuer is paying, and the risk sits with whoever that is: the platform's own margin, an affiliate deal, or incentives that can stop at any time.

The rule takes effect Jan 18, 2027. We'd change our view if issuers are allowed to pay holders directly, or if no affiliate program survives review.

Research, not investment advice.