White House and banks clash over stablecoin yield in CLARITY Act
- —ABA and ICBA demanded limits on stablecoin bonuses in a July 13 letter to the Senate
- —White House: banning yield would boost loans by $2.1 billion, or 0.02%
- —For regional banks, the effect is estimated at $500 million
- —The dispute centers on Section 404 of the CLARITY Act on stablecoin payouts
Why it matters: The final text of the section will determine whether issuers and exchanges can pay yield on stablecoins, affecting competition with bank deposits.
Source: TokenPost