Ledger Executive: If the U.S. Bans Stablecoin Yields, Other Countries May Fill the Gap

Odaily News: Takatoshi Shibayama, Head of Ledger Asia Pacific, stated that if the U.S. implements a broader ban on stablecoin yields, relevant discussions will emerge among institutions, stablecoin issuers, and regulators in other countries. He pointed out that countries like Australia have already provided regulatory exemptions for stablecoin issuers, but currently, most stablecoins, even outside the U.S., do not offer yields or rewards to users to protect banking interests. If U.S. policies change, discussions between stablecoin issuers and regulators in various countries regarding allowing yields to be passed on to users will increase significantly.

Currently, the U.S. Senate is advancing a crypto regulatory bill, but a provision supported by banking lobbying groups that prohibits third-party platforms from offering stablecoin yields has caused the legislation to stall. Crypto industry lobbyists have expressed opposition to this.

Shibayama also noted that the way Asian financial institutions focus on the crypto industry has shifted, with a certain degree of decoupling between crypto and blockchain technology since last year. Institutions are more focused on financial product tokenization and stablecoin issuance rather than crypto-native products like DeFi and staking. Crypto assets such as Bitcoin and Ethereum are excluded from the discussions. However, asset management companies are still considering launching crypto products to diversify client options.