Banks and crypto firms are at odds over stablecoin yields
The banking industry is pushing back against the crypto industry’s ability to offer rewards to people using stablecoins.
The crypto industry thought it had settled the debate, but banking lobbyists have reignited the issue.
A key argument from banks is that depositors will flee to stablecoins if they offer higher yields, but crypto lobbyists argue this claim has weaknesses.
The dispute has impacted the Senate’s Digital Asset Market Clarity Act, which is now on shaky ground.