Stablecoins are the real war.

Banks are acting like yield is the issue, but I think the market already moved past that debate.
The Clarity Act may be stuck in Washington, but deposit migration is not waiting for politicians.
When banks fight yield-bearing stablecoins, they are not protecting users, they are protecting a weaker product.
A White House model says killing stablecoin yield adds only $2.1B in lending, basically a rounding error.
Meanwhile, Standard Chartered sees up to $1.5T in deposits moving to stablecoins by 2028.
That tells me the fear is not regulation.
The fear is that money finally has somewhere better to go.
If Clarity fails, crypto gets a slower road.
But the direction is still obvious.