The Escalation of the Stablecoin Dispute: Banks and Crypto in the "Fund Control" Game

The U.S. banking industry is ramping up lobbying efforts, strongly opposing the compromise plan in the CLARITY Act regarding stablecoin yields.

The core of the current controversy is: the draft proposes to prohibit users from earning interest on their stablecoin balances, but still allows rewards based on usage behavior. From the banking system's perspective, this design could still serve as a channel for funds to flow out of traditional deposits into the crypto market.

Several banking associations estimate that once the stablecoin market size exceeds $300 billion, the potential risk of capital outflow will continue to grow, possibly even causing structural shocks to the traditional deposit system; another economic model suggests that even with yield restrictions, the increase in bank lending will be limited, and consumers may bear additional costs.

Meanwhile, internal industry debates are intensifying, with some policymakers believing that the banks' strong opposition stems more from protecting their interests than from systemic risk assessments.

Some openly state: when the financial system enters a phase of structural transition, the controversy itself indicates that the old model is being challenged.

At the intersection of the crypto world and traditional finance, what truly determines the future is not just the rules themselves, but who can adapt more quickly to the new logic of capital flow. The market will not wait for consensus, but opportunities always belong to those who see the trend clearly.