Kraken CEO Critiques ABA’s Concerns Over Stablecoin Interest Products

In a public clash, Kraken CEO David Ripley challenged the American Bankers Association (ABA)’s concerns about stablecoin interest products. The ABA’s Brooke Ybarra warned that allowing companies like @krakenfx to offer returns on stablecoins could drain trillions from bank deposits and destabilize the financial system. Ripley countered, labeling this move as a tactic to protect banks’ profits rather than fostering competition and consumer choice.