Ronit Ghose, head of future finance at Citi, has warned that if stablecoin holders receive interest, it could trigger a massive outflow of bank deposits similar to the money market fund boom of the 1980s, driving up bank funding costs and credit prices.
Sean Viergutz, a consultant at PwC, also said that consumers switching to high-yielding stablecoins could force banks to rely on wholesale funding or raise deposit rates, increasing the cost of borrowing for businesses and households.
US banking groups are calling on regulators to close a "loophole" that prohibits direct interest payments by stablecoin issuers but does not prohibit exchanges or affiliates from providing earnings.
Citi: Stablecoin interest may lead to the loss of bank deposits
2025-08-25 17:07:48
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