Stripe CEO Patrick Collison stated that stablecoins—tokenized versions of fiat currency operating on the blockchain—will ultimately force banks and other financial institutions to offer yields on customer deposits to remain competitive.
Collison made this remark in response to venture capitalist Nic Carter's post on X regarding the rise of yield-bearing stablecoins and the future of the industry, noting that the average interest rate for savings accounts in the U.S. is 0.40%, while in the EU it is 0.25%. He added:
"Depositors will, and should, receive yields closer to market returns. Some lobbying groups are currently pushing for the post-GENIUS policy, which further restricts any rewards associated with stablecoin deposits.
The business motivation here is obvious—cheap deposits are nice, but they are extremely unfriendly to consumers and, for me, a failed strategy."
Since 2023, the market value and user adoption of stablecoins have steadily increased, a trend that accelerated in the U.S. following the GENIUS stablecoin bill. The GENIUS bill paves the way for a regulated stablecoin industry while simultaneously prohibiting yield sharing.
According to American Banker, U.S. lawmakers raised objections from bank lobbyists regarding yield-bearing stablecoins while reviewing the final draft provisions of the GENIUS stablecoin bill.
Banks and their congressional allies believe that stablecoins offering yield opportunities to customers will undermine the banking system and erode market share.
New York Senator Kirsten Gillibrand stated at the DC Blockchain Summit in March, "Do you want stablecoin issuers to be able to pay interest? Probably not, because if they pay interest, there’s no reason to deposit money in local banks."
However, executives in the crypto industry believe that the rise of stablecoins is a natural development trend and predict that stablecoins will gradually replace traditional fiat payment systems.
Reeve Collins, co-founder of stablecoin issuer Tether, told Cointelegraph at Token2049, "All currencies will eventually become stablecoins. Even fiat currencies will be stablecoins, just with different names—dollars, euros, or yen."
Related: Bitcoin surges to $125,000 peak, exchange balances drop to six-year low
Original article: “Stripe CEO: Stablecoins Will Force ‘Everyone’ to Share Yields”
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