**[Mega Matrix: Uncertainty in Stablecoin Regulation May Pressure Traditional Banks More Than Crypto Companies]** According to Cointelegraph, Colin Butler, Executive Vice President of Capital Markets at Mega Matrix, stated that the uncertainty surrounding the regulatory framework for stablecoins could place traditional banks at a disadvantage compared to crypto companies in the competition. Although banks have invested heavily in building digital asset infrastructure, they face challenges in fully implementing related businesses until the rules are clarified. Additionally, the yield gap between stablecoin platforms and bank deposits may drive capital migration. Butler noted that most trading platforms offer yields of approximately 4% to 5% on stablecoin balances, while the average savings account yield in the U.S. is less than 0.5%. Capital tends to flow quickly when higher yields become available. Butler also warned that if regulators restrict stablecoin yields, it could push funds toward less regulated structures, such as synthetic dollar tokens like USDe, which generate returns through derivative strategies, thereby directing capital to offshore markets with lower transparency. Fabian Dori, Chief Investment Officer at Sygnum, believes that while the competitive gap between banks and crypto platforms is widening, the likelihood of large-scale deposit outflows in the short term remains limited. However, he pointed out that once stablecoins are perceived as yield-generating digital cash, bank deposits will face more significant competitive pressure. Butler highlighted that legal departments at banks are currently unable to justify continued capital expenditure to their boards due to the market's uncertainty about whether stablecoins will ultimately be classified as deposits, securities, or independent payment tools. For instance, JPMorgan Chase has developed the Onyx blockchain payment network, BNY Mellon has launched digital asset custody services, and Citigroup has tested tokenized deposits. However, regulatory ambiguity has restricted these investments from scaling further. He added that, in contrast, crypto companies, which have long operated in regulatory gray areas, can continue to expand, while traditional banks cannot take on compliance risks in similar environments. As a result, banks are more likely to lose their competitive edge in the stablecoin market.