출처: Block Media
Banks Must Compete, Not Fear: How Stablecoins Are Disrupting Traditional Finance
The ongoing tension between stablecoins and traditional banking has reached a boiling point, with Bitwise Chief Investment Officer (CIO) Matt Hougan urging banks to stop fearing stablecoin dominance and instead focus on enhancing their appeal to depositors—primarily through higher interest rates. In a direct message to the banking industry, Hougan has called out entrenched practices that he argues exploit customers, sparking debate about the future of finance and the role stablecoins will play in reshaping it.
Banks Must Respond to Stablecoin Competition With Better Deposit Rates
Matt Hougan, a prominent voice in the cryptocurrency space, recently called out traditional banks for their failure to adapt to competition posed by stablecoins. In a statement posted on X (formerly Twitter), Hougan said, “If local banks are worried about competition from stablecoins, they should pay more interest on deposits. They’re only scared because they’ve been exploiting depositors as a free source of capital for decades.”
Hougan’s statement followed a Citibank report that raised alarms about the potential for interest-bearing stablecoins to fuel a significant exodus of deposits from traditional banks. Highlighting the inefficiencies of current banking practices, Hougan emphasized that stablecoins are disrupting a system that has long benefited banks at the expense of depositors.
The stronghold maintained by banks on the financial system is being shaken by stablecoins, which bring innovative financial tools to the table. Rather than lobbying for stricter stablecoin regulations, Hougan suggests, banks should prioritize improving their offerings—particularly by rewarding depositors with competitive interest rates.
Debunking the Myth: Stablecoins Won’t Tank Credit Markets
Concerns that stablecoins may destabilize bank credit markets have dominated financial discussions in recent months. For instance, a recent Bloomberg article speculated that the adoption of stablecoins, particularly in payroll systems, could stifle bank lending. However, Hougan dismissed this perspective as "absurd fearmongering."
He pointed out that while a decrease in bank deposits could reduce the availability of credit from traditional banks, decentralized finance (DeFi) platforms could step in to fill the gap. “If deposits shrink, banks may indeed provide less credit,” Hougan stated. “But individuals holding stablecoins can directly extend credit to borrowers through DeFi applications. The economy will remain intact—the real losers here are the banks’ profit margins, and the winners are individual savers.”
Drawing a historical parallel, Hougan likened this shift to the rise of money market funds in the 1970s. These funds disrupted traditional banks by offering higher yields to savers, proving that innovation doesn’t destroy the financial system but forces it to evolve.
A Better Alternative: Stablecoin Yields Outperform Traditional Savings
Stablecoins are challenging the status quo by delivering far higher yields for depositors. Current average savings rates in U.S. banks hover around 0.6%, with even the best-performing options offering only 4%. In stark contrast, stablecoin yields can reach as high as 5%, presenting a compelling case for consumers seeking better returns.
When considering inflation and various banking fees, U.S. consumers often experience negative real returns by parking their money in traditional banks. Stablecoins not only address this disparity by offering higher interest rates, but they also provide a suite of additional benefits—like faster transaction speeds, negligible fees, and the absence of storage costs—which make them a more attractive option in an era of digital finance.
This growing adoption of stablecoins underscores their value proposition, not just as a store of wealth but as a mechanism for reshaping financial access and inclusion for the average consumer.
Regulatory Battlelines: Lobbyists vs. Innovation
The banking industry has responded to the rise of stablecoins by pushing regulatory bodies to clip the wings of these digital assets. In particular, U.S. banks have lobbied Congress to prohibit stablecoin issuers from offering interest on deposits. The "GENIUS Act" has emerged as a key legislative measure, aiming to ban direct interest payouts from stablecoin issuers while permitting such payouts via third parties, such as cryptocurrency exchanges.
Banks have criticized this allowance as a “regulatory loophole.” The crypto industry, however, has countered these claims, arguing that such rules stifle innovation and favor entrenched financial institutions at the expense of consumers. “Allowing responsible platforms to share revenue with their users is not a loophole; it’s a feature,” industry advocates assert.
This regulatory tug-of-war reflects broader concerns about whether existing financial institutions can embrace change—and whether consumers will ultimately be forced to bear the cost of protecting bank profits.
Conclusion: The Path Forward for Banks and Stablecoins
While traditional banks are scrambling to stem the tide of stablecoin-led disruption, Matt Hougan’s advice offers a pragmatic solution: adapt and compete. By offering better deposit rates to customers and innovating their services, banks could regain relevance in a rapidly evolving financial landscape.
Stablecoins, on the other hand, highlight the need for a more decentralized and consumer-focused financial system. With higher yields, faster transactions, and fewer fees, they are empowering users to explore financial alternatives beyond the limitations of traditional banks.
Ultimately, whether banks choose to compete or resist, the rise of stablecoins signals a paradigm shift in global finance—one that prioritizes transparency, efficiency, and consumer choice. The winners will be those willing to innovate and deliver real value in the digital age.
