The Clarity Act’s biggest outcome may be the creation of an entirely new market for “yield-as-a-service,” according to Joe Vollono, chief commercial officer at stablecoin infrastructure firm STBL.

At the center of the debate is Section 404 of the proposed legislation, which would prohibit Digital Asset Service Providers (DASPs) and their affiliates from offering yield solely as a function of holding a digital asset.

The provision could fundamentally reshape how crypto users earn returns, pushing the market away from passive “hold-to-earn” products and toward more active, compliant yield-generation strategies.

“What this effectively does is shift the industry from a hold-to-earn market to a use-to-earn market,” Vollono told…