"Banks Shocked"...US Allows Interest on Stablecoins, 'Owner of Money' to Change by 2028

▲ Stablecoin, US Dollar (USD)/ChatGPT generated image

Amidst opposition from the global banking sector, the US government is pushing to allow yields on stablecoins, anticipating a shift of wealth towards digital assets by 2028.

Paul Barron, host of the cryptocurrency-focused YouTube channel Paul Barron Network, stated in a video uploaded on April 10 (local time) that US banks are attacking the White House's stablecoin yield report and spreading new fear. The banking sector criticized the government report, arguing that allowing stablecoin yields would lead to deposit outflows from small financial institutions. Barron analyzed that banks are ignoring the government's macroeconomic analysis and making arguments for their own benefit.

US Treasury Secretary Scott Bessent defined economic security as the cornerstone of national security and supported the CLARITY Act (US Cryptocurrency Market Structure Bill). Through an op-ed in the Wall Street Journal, Secretary Bessent emphasized that a clear regulatory framework would protect blockchain engineers in the US and drive technological advancement. He stated, "To secure the best technological talent, a corresponding regulatory system is needed," urging the establishment of a legal foundation.

Pierre Yurard, Acting Chairman of the White House Council of Economic Advisers, refuted the banking sector's concerns about deposit outflows. Acting Chairman Yurard emphasized the principle that from a macroeconomic perspective, deposits that leave the system eventually flow back into the financial system. Even if a system-wide redistribution of deposits occurs, community banks that maintain long-term relationships will be safe from the changes, he analyzed. He made it clear that fears of deposit outflows are unfounded.

Artificial intelligence (AI) agents are expected to replace existing Decentralized Application (DApp) interfaces. A service is expected to be implemented where, if a user commands an AI agent to sell meme coins and buy Ethereum (ETH), the AI agent identifies assets in the wallet and executes the transaction. The growth of the virtual asset payment network is accelerating and is expected to develop to the level of existing Visa card payment volumes.

The digital asset market will experience a change starting in 2028, with a generation familiar with cryptocurrencies emerging as the mainstream of the economy. The current stablecoin trading volume, amounting to $28 trillion, is analyzed to increase through intergenerational asset transfers. By approximately 2032, virtual asset payment services are expected to reach a level where they replace existing financial networks, and the global financial paradigm will be reorganized around blockchain.

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