To speak very responsibly, even if legislation blocks any potential channels of interest:
- 🈲 Prohibit the exchange of Circle's yield stablecoins USYC and USDC
- 🈲 Prohibit compliant payment stablecoins and YBS's dual-use USDe/USDtb
- 🈲 Prohibit existing stablecoins from distributing yields through exchanges or even DEX USD1
- 🈲 Prohibit compliant custodial stablecoins from generating yields Anchorage+PYUSD
It still absolutely cannot stop the surface compliance of stablecoins and the hidden customer acquisition through yields, because they have neither blocked USDT's encroachment nor USDe's circular lending.
The only way for banks to save themselves is to issue stablecoins themselves, using compliance to proactively retain major clients and Web2 users. If banks do not change, stablecoins will change banks.
🇺🇸 UPDATE: The Bank Policy Institute urged Congress to close the GENIUS Act stablecoin interest loophole to prevent deposit flight.
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