Recently, tensions between the cryptocurrency industry and the traditional financial system have flared up again. Eric Trump publicly accused several major U.S. banks of lobbying Congress to prevent crypto platforms from offering users stablecoin savings products with annual yields of up to 5%. He believes this move is not about risk management but rather to protect the traditional banking sector's monopoly on interest rate spreads.
He pointed out that mainstream banks currently offer depositors annual yields generally ranging from 0.01% to 0.05%, while stablecoin platforms, leveraging on-chain liquidity mechanisms, are fully capable of providing higher returns. Meanwhile, banks themselves can earn about 3.65% in risk-free returns by holding reserves at the Federal Reserve, yet they do not pass this benefit on to ordinary customers.
Trump further stated that the coalition of large banks is spending millions of dollars trying to remove interest-bearing provisions for stablecoins from digital asset regulatory proposals like the Clear Act, in order to curb the impact of emerging fintech on the traditional deposit market. In response, JPMorgan CEO Jamie Dimon has warned that high-yield stablecoin services essentially fall under “deposit-like activities” and should be subject to the same regulations as banks.
However, Patrick Harker, Executive Director of the President's Digital Asset Advisory Committee, countered that merely offering interest does not constitute banking activity; the key lies in whether the funds are being lent out or re-collateralized. If stablecoin issuers maintain sufficient reserves and strictly isolate them, their operating model should not be equated with that of commercial banks.
Currently, regulators, crypto companies, and traditional financial institutions are still engaged in intense negotiations regarding the legality, risk boundaries, and regulatory framework of stablecoin yields. This struggle over financial inclusivity and market control may reshape the landscape of digital finance in the U.S. for years to come.