The prohibition on yield-bearing stablecoins in the CLARITY Act puts the US dollar at a competitive disadvantage to China\u2019s Digital Yuan, a yield-bearing central bank digital currency, according to Anthony Scaramucci, founder of asset manager SkyBridge Capital.<\/p>\n
\u201cThe whole system is broken,\u201d Scaramucci said<\/a> in response to the prohibition on crypto exchanges and service providers offering customers yield on stablecoins in the CLARITY Act<\/a>, a crypto market structure framework for the US. He asked:<\/p>\n \u201cThe Banks do not want the competition from the stablecoin issuers, so they\u2019re blocking the yield. In the meantime, the Chinese are issuing yield, so what do you think the emerging countries will choose as a rail system, the one with or without yield?\u201d<\/p><\/blockquote>\n The People\u2019s Bank of China, the country\u2019s central bank, began allowing commercial banks to pay interest on digital yuan deposits<\/a> in January.\u00a0<\/p>\n Brian Armstrong, the CEO of crypto exchange Coinbase, warned that prohibiting yield on US stablecoins undermines the dollar by making it less competitive than the Digital Yuan<\/a> in foreign exchange markets.<\/p>\n \u201cI worry we are missing the forest through the trees in the US. Rewards on stablecoins will not change lending one bit, but it does have a big impact on whether US stablecoins are competitive,\u201d Armstrong said<\/a>. <\/p>\n The ban on yield-bearing stablecoins is a core pain point voiced<\/a> by Armstrong and other crypto industry executives, who say the ban on stablecoin yield was introduced to choke off competition<\/a> to protect the incumbent banking industry.\u00a0<\/p>\n Related: <\/strong><\/em>Stablecoin rewards provisions face industry test in Senate crypto bill<\/strong><\/em><\/a><\/p>\n The CLARITY Act expanded the scope of the prohibition on yield-bearing stablecoins introduced in The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a regulatory framework for US dollar stablecoins<\/a>.<\/p>\n During an earnings call on Wednesday, Bank of America CEO Brian Moynihan said that stablecoins could lead to $6 trillion in bank deposit outflows<\/a>. <\/p>\n The flight of customer deposits held in traditional banks could reduce the banking industry\u2019s lending capacity, Moynihan said.\u00a0<\/p>\n Magazine: <\/strong><\/em>Unstablecoins: Depegging, bank runs and other risks loom<\/strong><\/em><\/a><\/p>\n <\/template><\/div>\n Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph\u2019s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently. Read our Editorial Policy https:\/\/cointelegraph.com\/editorial-policy<\/a><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":" The expanded prohibition on stablecoin yield in the CLARITY Act makes the US dollar less competitive than the Digital Yuan, […]<\/p>","protected":false},"author":5,"featured_media":59748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[220],"tags":[],"class_list":["post-59747","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tien-dien-tu"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/59747","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=59747"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/59747\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media\/59748"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=59747"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=59747"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=59747"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"Banks,](\"https:\/\/s3.cointelegraph.com\/uploads\/2026-01\/019bd2da-897f-777f-a5ce-929636960320.png\")
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Bank of America CEO warns stablecoins can lead to $6 trillion exodus from bank accounts<\/h2>\n