According to @iampaulgrewal, Patrick Collison noted that Brian Armstrong’s advocacy for allowing yield sharing is not obviously in Coinbase’s self-interest, since prohibiting yield sharing would make USDC more directly profitable for Coinbase, citing a Wall Street Journal article. According to @iampaulgrewal, Collison’s view highlights that Armstrong’s position is driven by support for a vibrant, competitive market that protects consumer liberty rather than short-term economics. According to @iampaulgrewal, the trading takeaway is that policy direction on yield sharing could shape stablecoin yield products and competitive dynamics between centralized offerings and DeFi, with Collison’s framing pointing to different value capture paths depending on whether yield sharing is permitted or barred.