Banks are sweating! The deposit battle behind the stablecoin yield legislation
The US CLARITY Act's compromise on stablecoin yields has finally dropped — banning crypto platforms from paying interest like banks do, but allowing rewards for 'real transactions'. The banking sector is in an uproar: according to Standard Chartered's estimates, if stablecoin yields are liberalized, it could siphon off $500 billion in deposits by 2028! 💸 The crypto space is split: Circle and the Blockchain Association are all for it, while CCI is worried the ban is too broad. White House economists are also backing crypto, saying banks aren't actually that scared. Now we just need to see when the Senate Banking Committee will hold a vote 🗳️ #Stablecoin #CLARITYAct #DeFi
#Stablecoin #CLARITYAct
The US CLARITY Act's compromise on stablecoin yields has finally dropped — banning crypto platforms from paying interest like banks do, but allowing rewards for 'real transactions'. The banking sector is in an uproar: according to Standard Chartered's estimates, if stablecoin yields are liberalized, it could siphon off $500 billion in deposits by 2028! 💸 The crypto space is split: Circle and the Blockchain Association are all for it, while CCI is worried the ban is too broad. White House economists are also backing crypto, saying banks aren't actually that scared. Now we just need to see when the Senate Banking Committee will hold a vote 🗳️ #Stablecoin #CLARITYAct #DeFi
#Stablecoin #CLARITYAct