In a report published on Monday, Ronit Gus, president of City Ronit Goss, warned that payment on Stablecoin’s deposits could provoke a wave of flows out of banks similar to the boom of the Money Market Fund in the eighties of the last century.
According to the Financial Times, Gos comparison Possible external flows caused by paying interest on Stablecoins to the rise of money market funds in the late 1970s and early 1980s.
That money Balloon From about 4 billion dollars in 1975 to $ 235 billion in 1982, it outperformed banks whose deposits were tightly. organizerFederal Reserve data showed. Withdrawals from bank accounts exceeded new deposits by $ 32 billion between 1981 and 1982.
Sean Viergoz, the Consultance PWC Consultant Consultant Consultant, suggested that the shift from consumers to a higher -yielding stablecoins may clarify troubles to the banking sector.
He said: “Banks may face higher financing costs by relying on wholesale markets or raising deposit prices, which may make credit more expensive for families and companies.”
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American banks argue against Stablecoin
Genius Stablecoin exporters are not allowed to provide interest to my holders, but it does not provide the ban on the exchange of encryption or subsidiary companies. The organizational preparation led to a major reaction by the banking sector.
Many American banking groups led by the Institute of Banking Policy And the local organizers urged the closure of what they say is a gap This may be indirectly allowed for Stablecoin Exporters to pay interest or return on Stablecoins.
In a recent message, the organization argued that the so -called vulnerability may disrupt the credit flow of American companies and families, which may lead to 6.6 trillion dollars in external flows to deposit from the traditional banking system.
Related to: What does the action of US genius mean for stablecoins?
The encryption industry does not enjoy it
Encryption I pushed against bank concernsWith two industrial organizations, urging legislators to reject proposals to close the “gap”. The organizations have warned that the reviews will tend to the stadium towards traditional banks while strangling innovation and choosing the consumer.
The United States government has emerged as a leading supporter of the dollar Stablecoins accreditation. Treasury Secretary Scott Bessin said in March The United States government will use Stablecoins To ensure that the US dollar remains the world reserve currency in the world. He said at that time:
“We will put a lot of thinking about the Stablecoin system, and as President Trump directed, we will keep the United States [dollar] The dominant backup in the world, we will use Stablecoins to do so. “
magazine: Crypto wanted to topple banks, and now it’s in Stablecoin fighting
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