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What banks truly fear is not the risk of stablecoins, but that they no longer need banks.
His core logic is very clear: when users deposit money into a bank, it is essentially an unsecured loan to the bank.
The bank lends out this money at interest rates of 6% to 28%, while paying only 0.1% to 0.5% interest to the depositor, creating a huge interest margin that is the bank's main source of profit.
Stablecoins backed by U.S. Treasuries have completely dismantled this decades-old "custody, settlement, yield" model.
Users can hold dollars without a bank account, transfer funds in real-time without intermediaries, and earn nearly risk-free returns of about 5%.
When an individual can fully control their funds and earn 4% to 6% without relying on banks, bank deposits lose their appeal.
EGRAG bluntly states that once users no longer depend on bank deposits, these institutions' financing models and industry influence will be fundamentally weakened, which is the core reason banks are fiercely resisting stablecoins.
This is not alarmist; data confirms industry risks.
According to a report by Standard Chartered at the beginning of the year, it is estimated that by the end of 2028, the U.S. banking industry could lose $500 billion in deposits due to stablecoins, with regional banks being hit hardest.
The core reason for this phenomenon is that the major stablecoin issuers, USDT and USDC, allocate most of their reserves in U.S. Treasuries rather than deposits in banks, causing massive funds to leave the traditional banking system and not flow back.
According to DefiLlama data, the total market cap of the top global stablecoins has reached about $320 billion, with USDT valued at $188 billion and USDC at $76 billion, both continuously growing.
Meanwhile, institutional adoption is accelerating. A March survey by Ripple shows that 74% of financial executives now see stablecoins as tools to unlock working capital, indicating that institutional use has shifted from exploration to practical implementation.
In response to the impact of stablecoins, the banking industry has launched countermeasures.
During the Senate Banking Committee's review of the CLARITY Act, members of the American Bankers Association sent over 8,000 letters to the Senate office within a week, specifically addressing provisions related to stablecoin yields.
Senator Bernie Moreno publicly criticized this, saying that the banking industry's move aims to deprive ordinary people of the right to earn real returns on their own funds, and that their goal is merely to cling to the traditional profit model of low-interest deposits.
Conclusion:
In summary, the analyst's view also provides a simple market judgment: if stablecoins posed no threat, banks would not oppose them, lobbying groups would not panic, the bill would not stall, and public opinion would not shift.
In the analyst's view, the intense reaction from banks actually confirms the true value of stablecoins.
#稳定币 #Banking industry