A major platform has over $1 billion in USDC loans outstanding, backing their 3.35% rewards offering. The Senate is voting January 15 on proposals to restrict third-party stablecoin yield products—and the banking lobby is pulling out all the stops to block it. If they succeed, the regulatory threat evaporates. If they don't, platforms could lose a significant revenue pillar in days. That's a binary event with six days on the clock. The move exposes how stablecoin yield has become central to platform economics. Banks see it as direct competition to their deposit services, so expect aggressive pressure behind the scenes. The deadline compresses positioning windows dramatically. Whether yield regulations pass or fail will reshape how platforms compete for stablecoin liquidity this quarter.