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The Coin Rise 2025-08-13 12:50:22

US Banking Groups Urge Congress to Close Stablecoin Yield Loophole

US Banking Groups Urge Congress to Close Stablecoin Yield Loophole

Several U.S. banking associations, led by the Bank Policy Institute (BPI), have called on Congress to tighten new stablecoin laws to prevent issuers from indirectly offering interest or yields to holders. In a letter sent Tuesday, the groups warned that a gap in the recently enacted GENIUS Act could allow issuers to sidestep the law by partnering with crypto exchanges or affiliated companies. The GENIUS Act prohibits stablecoin issuers from paying interest directly to token holders, but it does not explicitly extend that ban to third parties. According to the banking groups, this omission creates a “loophole” that could be exploited to attract customers with yield-bearing products, undermining the traditional banking system’s deposit base. BPI said unchecked growth of such offerings could pull as much as $6.6 trillion in deposits away from banks, disrupting the flow of credit to households and businesses. Potential Threat to the Credit System The letter was co-signed by the American Bankers Association, Consumer Bankers Association, Independent Community Bankers of America, and the Financial Services Forum. The signatories stressed that stablecoins differ fundamentally from bank deposits and money market funds because they do not fund loans or invest in securities to generate yield. “These distinctions are why payment stablecoins should not pay interest the way highly regulated and supervised banks do on deposits or offer yield as money market funds do,” the groups wrote. They warned that large-scale adoption of yield-paying stablecoins could weaken the credit system by increasing deposit flight risk, particularly during times of market stress. The resulting reduction in available credit could mean higher interest rates, fewer loans, and increased borrowing costs for small businesses and consumers. Stablecoin Market Still Small but Growing While the stablecoin market is currently much smaller than the U.S. money supply, analysts expect rapid expansion. As of now, it has a combined market cap of $280.2 billion, compared to $22 trillion in total U.S. dollar money supply reported by the Federal Reserve at the end of June. Tether and USDC dominate the sector , holding $165 billion and $66.4 billion in market share, respectively, according to CoinGecko. The GENIUS Act, signed into law by President Donald Trump on July 18, is seen by many crypto industry observers as a move to strengthen the U.S. dollar’s global standing. The Treasury Department projects that the stablecoin market could grow to $2 trillion by 2028, raising urgency for lawmakers to address potential loopholes before the sector becomes more deeply embedded in the financial system. The post US Banking Groups Urge Congress to Close Stablecoin Yield Loophole appeared first on TheCoinrise.com .

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