Banking Lobby Fears Disruption from Yield-Bearing Stablecoins

The U.S. banking industry is showing unease about the potential impact of yield-bearing stablecoins, according to Austin Campbell, a New York University professor and founder of Zero Knowledge Consulting. This concern stems from stablecoins offering interest or rewards, which threaten traditional banking practices centered on minimal interest payments for depositors. Campbell argues that the banking lobby is attempting to shield its interests, potentially harming voters by opposing any regulations related to stablecoin interest payments.