White House and Crypto Industry Fight Bank Lobby Over Stablecoin Income
Why it matters: If the yield proposal stalls, investors could miss out on products tied to a market projected to hit $719 trillion by 2035.
- White House pushes a Trump‑era plan for stablecoin issuers to offer yield (per the main article)
- Bank lobby pushes back, fearing competition and regulatory risk (per the main article)
- Treasury Secretary Bessent calls crypto players “nihilists” and notes the Clarity Act remains in limbo (Decrypt)
- CoinDesk forecasts stablecoin transaction volume could reach $719 trillion by 2035 as wealth shifts to crypto (CoinDesk)
- TD Cowen analyst says the White House stablecoin report is unlikely to loosen the tough path ahead for the crypto bill (The Block)
The Trump‑backed White House proposal to let stablecoin issuers pay yield is sparking a showdown with the banking lobby, while Treasury Secretary Bessent lambasts crypto “nihilists” and the Clarity Act stalls. CoinDesk projects stablecoin volumes could hit $719 trillion by 2035, yet The Block warns the White House report won’t ease the legislative hurdles crypto crypto bill faces.
