American Bankers Association pushes back against White House stablecoin report
The American Bankers Association (ABA) is pushing back against a White House report that says banning stablecoin yields would not really impact banks.
While the President's Council of Economic Advisers claims a ban would barely change bank lending, the ABA thinks this misses the bigger picture: if stablecoin yields are not kept in check, we could see huge amounts of money pulled out of banks, especially smaller ones.
ABA urges policymakers on $1T-$2T market
The ABA points out that the stablecoin market could potentially reach $1 trillion to $2 trillion, and a recent study even suggests stablecoin transactions might someday overtake global cross-border payments.
The group wants policymakers to seriously consider how letting stablecoins offer unchecked yields could affect regular banks and overall financial stability.