The Silent War Over Your Cash

Big banks are quietly trying to block stablecoins from offering rewards. Why? Because they rake in billions from fees and interest on the money you park in their accounts. They don't want stablecoins to steal even a slice of that profit. Stablecoins could offer better deals, like rewards for using them. But banks are pushing back. They claim stablecoins could hurt their ability to lend money. However, studies suggest stablecoins won't significantly impact bank deposits. So, why the resistance? It's all about protecting their profits. Banks earn around $360 billion annually from fees and interest on reserves. They don't want stablecoins to offer similar or better returns. They want to keep that money to themselves. The GENIUS Act, a new law, prohibits stablecoin issuers from paying interest. Banks want this rule to apply to everyone in the stablecoin space.Stablecoins could save merchants billions in fees. But banks are against this. They want to keep charging high fees for card payments. Stablecoins could offer a cheaper way to pay, but banks are fighting to prevent that. This battle isn't just about money. It's about control. Banks want to maintain their grip on the payment system. They don't want stablecoins to offer a better deal. They want to keep their profits and their power. The outcome of this struggle will determine who keeps the profits from the payment system. Will it be the banks, or will stablecoins offer a better deal for users? The answer will shape the future of money.