Banks are pushing to change new US stablecoin rules over fears they will spark trillions of dollars worth of outflows, underlining growing competition between Wall Street and the cryptocurrency industry.
Banking lobbies including the American Bankers Association, the Bank Policy Institute and the Consumer Bankers Association last week warned lawmakers of a “loophole” in regulation that will let some crypto exchanges indirectly pay interest to stablecoin holders.
Stablecoins are digital tokens pegged to real world assets such as the US dollar.
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