The stablecoin boom has sparked a power struggle within the financial sector. Traditional banks are ramping up lobbying efforts in Congress, attempting to modify the GENIUS Act to carve out their share—allowing their own banks to issue interest-bearing stablecoins. Recently, an executive from a compliant platform openly stated on social media: "This is our red line; anyone who crosses it will face consequences."

In plain terms, banks are signaling to Congress: don't let fintech platforms and stablecoin issuers steal our business. Traditional financial institutions are under unprecedented competitive pressure, and they are resorting to old tactics—using political leverage to seek commercial protection. The executive's tone was firm, bluntly saying that the blatant lobbying by banks is "impressive," with a hint of sarcasm: "You’re not afraid of being criticized, so why should we back down?"

Industry experts generally remain optimistic about the prospects of the stablecoin market. Some analysts believe this market could eventually expand to trillions of dollars. That’s the real attraction—once stablecoins become mainstream payment tools, the existing financial landscape will need to be redrawn. A compliant platform is currently collaborating with several leading banks to develop stablecoin custody services, simultaneously defending and expanding their position.

The core issue is: who will define the boundaries of financial innovation? Banks want to use political power to freeze out competitors, while the fintech camp firmly says no. This contest is far from over, and whether stablecoins can truly break through this political barrier will directly impact the business prospects of the entire Web3 ecosystem.