Eco CEO argues stablecoins modernize payments without evidence of draining local bank deposits, as Congress debates legislation.
Stablecoin adoption does not risk deposit outflows from community banks, according to Eco CEO Ryne Saxe, countering banking lobby claims. The Digital Asset Market Clarity Act advanced in the Senate Banking Committee on a 15-9 bipartisan vote.
Saxe, whose father works at a rural Illinois community bank, says customers choose local banks for relationships, not technology. Stablecoins offer faster, programmable cross-border payments compared to traditional banking rails.
The banking lobby argues stablecoins could hollow out community banking, a claim Saxe calls unproven political messaging to block competition.