Banks can offer stablecoin products to their customers just as crypto platforms do, Witt explained.
Crypto News
Banks should not view stablecoin yield offerings as a competitive threat, according to White House crypto adviser Patrick Witt. The debate over rewards paid to stablecoin holders has become a major obstacle in passing the CLARITY crypto market structure bill.
Witt told Yahoo Finance that crypto service providers sharing yield with customers does not undermine the banking industry’s business model or market position. He described the conflict as unfortunate given that both sectors could coexist.
Banks can offer stablecoin products to their customers just as crypto platforms do, Witt explained. Many banks are now applying for OCC…
