Moody's: "Stablecoins currently pose limited threats to banks"... warning of potential deposit outflows

According to CoinTelegraph on the 13th, despite the rapid growth of the stablecoin market, some analysts point out that its impact on the banking industry remains “limited” at this stage. However, there are also warnings that as the scale of stablecoins and tokenized physical assets expands, it could lead to deposit outflows and reduced lending capacity.

Stablecoin Market Cap Surpasses $300 Billion

Aviv Srivastava, Vice President of Moody’s Digital Economy Group, stated: “Currently, the use of stablecoins is still limited, but by the end of last year, their market cap had already surpassed $300 billion.” According to data from RWA.xyz, the stablecoin market cap has exceeded $300 billion and is expanding rapidly.

He believes that the role of stablecoins is expanding into payments, cross-border transactions, and on-chain finance. But he also pointed out that because the existing US payment system already features “fast, inexpensive, and reliable” characteristics, stablecoins are unlikely to become a substitute in the short term.

Concerns Over Deposit Outflows and Lending Contraction Intensify

Srivastava specifically mentioned that, under US regulations, stablecoins cannot pay interest, so the possibility of them replacing traditional deposits on a large scale in the short term is low. However, he believes that over time, if the adoption rate of stablecoins and tokenized RWA increases, it could lead to bank deposit outflows, thereby weakening lending capacity.

Market commentary suggests that such discussions are not merely hypothetical. Stablecoin regulation has become a core issue in the industry’s and banking sector’s face-off, also hindering the progress of the “CLARITY Act” currently being discussed in Congress.

Legislation Stalls, Industry Conflicts Persist

The CLARITY Act is a comprehensive regulatory proposal aimed at clarifying asset classification, regulatory authority, and oversight systems in the crypto market. However, due to opposition from some industry players led by Coinbase, the early draft of the bill has caused congressional discussions to stall.

The core controversy revolves around the lack of open-source developer protection clauses and a ban on “interest-bearing stablecoins.” The industry believes that such clauses would hinder market innovation, while the banking sector views them as safety mechanisms to protect deposit bases. North Carolina Senator Thom Tillis announced earlier this month that he would propose a compromise acceptable to both sides, but it has not yet been released.

Stablecoin Regulation: A Power Struggle Between Banks and Crypto

Ultimately, this dispute concerns how the market perceives the future of stablecoins — whether they are merely a “payment tool” or will grow into an alternative financial solution capable of shaking up the banking deposit and loan structure. Although their current impact on banks is limited, the accelerated adoption of stablecoins and RWA suggests that regulatory conflicts are likely to intensify further.

Article summary by TokenPost.ai

🔎 Market Insights The stablecoin market cap has surpassed $300 billion and is growing rapidly, but its direct impact on banks remains limited. As its application scope expands in payments, remittances, and on-chain finance, medium- and long-term competition possibilities are increasing.

💡 Strategic Highlights In the short term, the banking system still holds an advantage, but attention should be paid to the potential for deposit outflows and lending reductions in the long term. Regulatory developments (especially the CLARITY Act) are key variables in determining market direction. It is also important to monitor the expansion speed of stablecoins and RWA.

📘 Terminology Explanation Stablecoin: A cryptocurrency pegged to fiat currencies like the US dollar RWA (Tokenized Assets): Converting physical assets (bonds, real estate, etc.) into blockchain-based tokens CLARITY Act: A legislative draft aimed at establishing the US cryptocurrency regulatory framework

💡 Frequently Asked Questions (FAQ)

Q. Will stablecoins really pose a threat to banks? Currently, due to limited usage scale and regulatory restrictions, their impact on banks is limited. But as the market expands and application scenarios increase, deposit outflows and financial structure changes may occur.
Q. Why mention the possibility of deposit outflows? If stablecoins and tokenized assets become widespread, funds may flow from banks to blockchain-based financial systems, potentially reducing banks’ sources of loan funding.
Q. Why is the CLARITY Act important? This bill is a core policy that will determine the regulatory framework for the cryptocurrency market, potentially influencing the role of stablecoins and their position in the financial market. Due to conflicts of interest between industry and banks, progress on the bill has been delayed.

TP AI Notice This article summary is generated using the TokenPost.ai language model. The main content of the text may be omitted or may differ from actual facts.