Regarding regulatory friction around stablecoins, the core issue is not a dispute over the details of legislation, but an astonishing figure—$6 trillion. U.S. banking executives openly state: if interest-bearing stablecoins and yield-generating stablecoin accounts are permitted, one-third of deposits in American commercial banks could flow into the crypto sector. Behind this number lies a life-and-death confrontation between traditional finance and the Web3 industry.

To understand this conflict, we need to go back to the previously passed GENIUS Act. As the first federal-level stablecoin legislation framework, GENIUS prohibits issuers from paying interest on stablecoins but leaves gaps in the yield mechanisms at the platform and account levels. Banks were relatively restrained at the time because they knew this was not the final battle. The real knockout punch is the CLARITY Act—it aims to close all gaps completely. Not only does it restrict issuers, but CLARITY seeks to ban any passive income generated from holding stablecoin balances across all scenarios, including platforms, third parties, and wallets, forming a complete regulatory closed loop.

The reason banks are so firm is that their business model has already been shaken. The traditional deposit-lending interest margin fundamentally relies on the stability of deposit volumes. Once legitimate, secure yield-generating stablecoin accounts become mainstream, users’ choices are no longer limited to bank deposits. Large-scale fund migration becomes inevitable, weakening banks’ lending foundations and forcing a restructuring of the entire commercial chain.