According to TD Cowen analyst Jaret Seiberg, major U.S. bank trade groups—including the Bank Policy Institute, Financial Services Forum, Independent Community Bankers of America, Consumer Bankers Association, and American Bankers Association—formally opposed a proposed stablecoin yield compromise on Monday and Tuesday. The groups said the proposal, which would still allow crypto platforms to offer rewards tied to stablecoin transaction use, “falls short” of their requirements. Seiberg said he does not see a middle ground that would satisfy both banks and major crypto platforms, as some platforms want to maintain yield payments to retain retail investor liquidity in their wallets, which banks view as a nonstarter.
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