U.S. Banks are alarmed by potential losses of up to 6.6 trillion USD in customer deposits due to competition from stablecoins. This stems from issuers possibly offering returns that could surpass traditional banking accounts.
The passage of the GENIUS Act is intended to regulate stablecoins, yet many banks believe current regulations fail to prevent issuers from enticing customers with interest-like incentives.
In response to these developments, some major U.S. Banks are exploring the creation of their own stablecoins to stay relevant in the evolving financial landscape.
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