Kraken CEO David Ripley hit back at a senior official from the American Bankers Association (ABA), who claimed that stablecoin yields are a "harmful" factor for banks' ability to support their communities.
ABA Senior Vice President of Innovation and Strategy Brooke Ybarra stated that allowing major cryptocurrency exchanges like Kraken or Coinbase to pay interest on stablecoin payments would "contradict" the idea that stablecoins should be used for payments rather than value storage.
"Who is it harmful to?" Ripley said. "Consumers should have the freedom to choose where to hold value and the most efficient way to send that value."
Ripley believes that banks have been profiting from customer assets without returning the gains to customers, adding:
"We are building something else—a system that was once reserved for the wealthy is now accessible to everyone."
Others in the crypto industry echoed Ripley's criticism. Dan Spuller, head of industry affairs at the Blockchain Association, stated, "Big banks are ruthlessly targeting…"
According to Bankrate data, certain stablecoins offer deposit yields of up to 5% on specific crypto platforms, which is more attractive than the national average savings rate of 0.6% in the U.S., and even higher than the best high-yield deposits at 4%.
Solana developer Voss remarked, "Welcome competition; after all, this is a capitalist world."
These comments came months after U.S. President Donald Trump signed the long-awaited "Genius Act," a comprehensive regulatory framework for stablecoins that marks a potential shift towards mainstream adoption.
According to Diogo Monica, a general partner at Haun Ventures, stablecoins may be safer than deposits in commercial banks. He stated in June that many stablecoins are backed by reserves held by globally systemically important banks or short-term U.S. Treasury bonds, which he believes are safer than commercial bank deposits.
Outside the U.S., tensions between the crypto industry and traditional banks have also escalated recently.
According to a recent survey by Binance Australia, crypto users in Australia still face banking obstacles when engaging with exchanges and other crypto businesses.
Matt Poblocki, General Manager of Binance Australia and New Zealand, told Cointelegraph that seamless access to financial services directly impacts market participation, confidence, and trust, and the barriers introduced could slow adoption and limit growth.
Related: "Keep up or fall behind": CryptoUK claims aligning with U.S. rules is key to the revival of cryptocurrency in the UK.
Original article: “Kraken CEO Hits Back at 'Harmful' Stablecoin Yields, Says Building Financial System Accessible to All”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
