According to CoinMeta, on September 19th, Coinbase CEO Brian Armstrong responded to an interview with Money Rehab Podcast regarding the difference between the rewards received by USDC holders and bank interest, as well as whether Coinbase should comply with banks' capital and liquidity requirements. He stated that the rewards are a return of a portion of the earnings generated by underlying short-term U.S. Treasury bonds to users, and Coinbase uses this term to make a legal distinction from deposit interest. He emphasized that Coinbase is not a stablecoin issuer and does not engage in lending with partial reserves, whereas stablecoin issuers maintain full reserves. In addition, he criticized some large banks for attempting to use government regulations to restrict competition.