White House urges banks not to fear stablecoins
The new CLARITY bill being developed in the US is aimed at clarifying the legal status and regulation of the cryptocurrency market. However, the key point of contention in this document has been the rewards that crypto companies offer for holding stablecoins.
According to the US President's crypto advisor, banks should not fear providing such rewards, as this can be beneficial for them. Many traditional financial institutions still view cryptocurrencies and stablecoins with caution, considering them too risky. But in fact, providing yield on stablecoins could become an additional source of profit for banks.
Moreover, in the context of high inflation and market volatility, bank customers are increasingly showing interest in alternative savings and passive income instruments. Therefore, banks should not ignore, but carefully explore the opportunities that stablecoins and related rewards open up.
Overall, the White House adviser called on regulators and financial organizations to take a more open approach to stablecoins and cryptocurrencies and not to fear innovations in this area. The right approach to new technologies will help banks not to miss promising business development opportunities.