Oh, the melodrama! America’s illustrious banking lobby is in a tizzy, positively “panicking” over the audacious rise of stablecoins, particularly those cheeky yield-bearing ones. According to the ever-astute Austin Campbell, a professor at New York University and the mastermind behind Zero Knowledge Consulting, the banks are clutching their pearls! 😲
In a rather theatrical social media post dated May 21, which began with the rather grandiose proclamation, “The Empire Lobbies Back,” Campbell revealed that the banking industry is quaking in its boots at the thought of stablecoins offering interest or rewards to their holders. How scandalous! 🎭
With a pointed quip aimed at Democratic lawmakers, Campbell declared, “Banks want you to protect their cartel so they can keep screwing your voters.” Oh, the audacity! One can almost hear the gasps from the gallery. 😏
He elaborated on how fractional reserve banking allows these financial titans to rake in profits while offering depositors a pittance in interest. Quite the conundrum, isn’t it?
According to the banking lobby, if stablecoins dare to pay interest or any form of monetary reward, they will be “harmed.” Oh, the horror! 😱
“This is naked pandering for cartel protection,” he exclaimed, urging the opposition party to refrain from “screwing” its voters by supporting any blanket ban on stablecoin interest payments. A standing ovation is in order! 👏
Campbell has been a long-time advocate for sensible stablecoin legislation in the United States, warning a Congressional subcommittee back in April 2023 that failing to enact such laws would send issuers packing overseas. How very dramatic!
The Rise of Yield-Bearing Stablecoins
Campbell’s scathing critique of the traditional banking industry comes amidst a veritable wave of stablecoin issuers launching their yield-bearing tokens. The plot thickens! 📈
As reported by CryptoMoon, the US Securities and Exchange Commission (SEC) in February approved the first yield-bearing stablecoin security by Figure Markets. At its launch, the new YLDS token offered a rather enticing 3.85% yield. How delightful! 💸
But wait, there’s more! Figure Markets is not the only player in this riveting game of yield-bearing stablecoins. In February, Tether co-founder Reeve Collins announced that his Pi Protocol will allow investors to mint the USP stablecoin in exchange for USI, an interest-paying equivalent. How innovative! 🌟
Spark Protocol’s USDS also offers holders interest payments generated through decentralized lending and tokenized Treasurys. The intrigue continues! 🏦
“It’s unacceptable to not be receiving at least the risk-free rate for holding stablecoins,” declared Sam MacPherson, CEO of Spark Protocol developer Phoenix Labs, in a rather impassioned statement to Bloomberg. Bravo! 🎉
Aside from Bitcoin (BTC), stablecoins have arguably become the most impactful use case for blockchain technology, with Coinbase Canada CEO Lucas Matheson telling CryptoMoon that global stablecoin volumes are nearly three times those of credit card giant Visa. Quite the revelation!
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2025-05-21 19:30