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Brian Moynihan: Legalization of interest on stablecoins will lead to an outflow of up to $6 trillion, 2026/01/17 12:50:52
The CEO of the largest banking holding company in the United States, Bank of America (BoA), Brian Moynihan, said that if interest on stablecoins is legalized, up to $6 trillion could be lost from deposits.
According to Moynihan, stablecoins are similar in structure to mutual funds, which also hold reserves in high-yield and liquid assets. In this scheme, the funds are located outside the banking system.
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A decline in deposits could significantly limit the ability of counterparties to provide lending, which would have a negative impact on the U.S. economy.
“If you take away deposits, banks will not be able to lend or they will have to raise funding from other sources, and that will also come at a cost. Legalizing the ability to pay interest to stablecoin holders will lead to an outflow of up to $6 trillion in deposits. This is a third of deposited assets in American banks,” Moynihan said.
Stablecoins can become an analogue of deposits with a higher rate, while the requirements for issuers of these assets are lower than for traditional financial counterparties, which will disrupt the stability of the banking system, summarized the CEO of BoA.
Earlier, the Independent Community Bankers of America (ICBA) stated that it is necessary to prohibit crypto exchanges from charging interest and bonuses for storing stablecoins, otherwise small regional banks will lose competition and face a crisis.
