According to Takatoshi Shibayama, head of Asia-Pacific at cryptocurrency wallet company Ledger, the US ban on stablecoin yield payments may prompt other countries to take action and provide relevant options. In an interview with Cointelegraph, Shibayama stated that if the US implements a broader ban on stablecoin yields, it will "undoubtedly spark" discussions among overseas institutions, stablecoin issuers, and regulators on how to respond to this change.
“If there is a change in US policy, then I think it will open up many topics for discussion between stablecoin issuers and regulators to allow yields or rewards to be passed on to their user base,” Shibayama said.
In a June interview, Takatoshi Shibayama stated that if the US does not take action, other countries may take steps regarding stablecoin yields. Source: YouTube
Meanwhile, Shibayama noted that the attitudes of financial giants in Asia towards cryptocurrencies have changed. “What they are really concerned about is: Can they tokenize their financial products? Can they issue stablecoins?” he said. “There is a lot of discussion around this, rather than providing decentralized finance (DeFi News) and staking services.”
“These institutions are carefully selecting what they hope to gain from blockchain technology, while excluding cryptocurrencies like Bitcoin and Ethereum,” Shibayama added, noting that asset management firms are “somewhat different” as they are still considering launching crypto products to enrich the options they can offer to clients, and they are quite interested due to the lack of strict regulations on regulated custodians.
“Clearly, they prefer to have regulated custodians,” he added. “They have become more selective when choosing custodial service providers.”
Additional reporting by Stephen Katte.