White House to meet with crypto firms and banks on stablecoin yield this afternoon

The White House is convening a working-level meeting this afternoon at 1 PM ET between cryptocurrency firms and traditional banks to discuss the contentious issue of stablecoin yields. This topic is a major sticking point in passing pending crypto market structure legislation. Banks are advocating for a ban on stablecoin yields, fearing they could cause significant deposit outflows, with Standard Chartered projecting potential outflows of up to $1 trillion globally by 2028 if yields remain unrestricted. Conversely, some crypto firms view these proposed restrictions as an effort to suppress competition, although some industry players like Tether have supported draft legislation that includes such a ban. The meeting aims to promote constructive discussion and collaboration between senior policy leaders and industry trade associations to bridge the divide.

(Source：Crypto Briefing)