Recently, I noticed something quite interesting—the growing divergence in positions between cryptocurrency advisors in Trump’s camp and the banking industry.

Here’s how it looks. Banks are extremely anxious about offering stablecoins returns exceeding 5%, for a very simple reason—if stablecoins can offer depositors higher yields, depositors will leave. So they began to strongly oppose the CLARITY bill, hoping to block this legislation and protect their deposit pool.

Williston, the chairman of the Texas Independent Bankers Association, recently made a public statement that giving in on the CLARITY bill is tantamount to giving in on local lending and economic output. It sounds like it’s defending the banks’ interests, but this hardline stance has angered the White House.

Trump’s crypto advisor, Vit, fired back directly, and his logic is a bit piercing—if banks keep being this stubborn, they’ll suffer even greater losses. He pointed out that if restrictions on stablecoin incentives are not loosened, it’s basically moving a stone to drop it on your own foot. And this isn’t just talk: the GENIUS Act passed last year already allows stablecoins to offer incentives through exchanges and DeFi protocols. Even if banks oppose the CLARITY bill, they can’t stop this trend.

Even more interesting is that the White House’s true motive for pushing this may not be only about the crypto industry. According to recent research, stablecoins have already bought $153 billion worth of U.S. Treasury bills, becoming the third-largest buyer by 2025. In other words, stablecoins are helping finance the U.S. Treasury—and not inefficiently. Sometimes, stablecoin purchases can even lower Treasury yields by more than 3.5 basis points.

That’s why the White House is so actively pushing the CLARITY bill—stablecoins can not only serve the crypto community, but also help finance U.S. Treasury bills at relatively low cost. If banks succeed in suppressing stablecoin rewards, it won’t just slow down overall industry growth; it will also affect the White House’s long-term strategy.

Interestingly, the market seems to be optimistic about this. Even though the CLARITY bill is stuck in a stalemate, the expected probability of it passing this year is still as high as 71%. In the end, the showdown between banks and the White House will depend on how far the relationship between stablecoins and U.S. Treasury bills can go.