Bank of America CEO warns that interest-bearing stablecoins could impact $6 trillion in deposits

On January 15, Bank of America CEO Moynihan stated that if the US Congress does not restrict interest-bearing stablecoins, up to $6 trillion in deposits could be transferred from banks, accounting for 30%-35% of the total deposits in US commercial banks. Moynihan pointed out that the structure of stablecoins is similar to money market mutual funds, with their reserves held in short-term instruments such as US Treasury bonds, rather than being used for bank loans. This could weaken the deposit base that banks use to support loans to households and businesses. The "CLARITY Act" has introduced controversial provisions on this issue, prohibiting digital asset service providers from paying interest to users holding stablecoins, while allowing rewards based on staking, liquidity, or collateral.