Uncertainty in stablecoin regulation causes traditional banks to delay infrastructure investments, while crypto companies offering 4%-5% returns may accelerate capital migration.

Gate News reports that on March 15, regulatory uncertainty surrounding stablecoins is causing traditional banks to face operational difficulties, while crypto companies can continue operating in regulatory gray areas. Mega Matrix Capital Markets Executive Vice President Colin Butler noted that bank legal advisors have recommended delaying large capital expenditures on stablecoin infrastructure because the product classification—whether as deposits, securities, or standalone payment tools—is still unclear. He stated, “Risk and compliance departments will not approve full deployment unless the product classification is known.” Banks that have invested in infrastructure face deployment restrictions, while crypto exchanges offer 4%–5% yields on stablecoin balances, indicating capital migration pressure. Sygnum Chief Investment Officer Fabian Dori believes this competitive imbalance is significant but has not yet caused large-scale deposit outflows, as banks emphasize trust, regulation, and resilience; however, if stablecoins are regarded as “productive digital cash,” pressure will become more apparent. Limiting stablecoin yields may push activity offshore. Banks cannot operate in gray areas like crypto companies, and regulatory ambiguity worsens their disadvantages.