#数字资产市场动态 Traditional finance is experiencing an unprecedented shock.

The rise of interest-bearing stablecoins has already made Wall Street bigwigs sit up and take notice. A CEO of a major bank recently issued a rare warning during the quarterly earnings call: once interest-bearing stablecoins are widely adopted, the banking system could face a deposit outflow of up to $6 trillion. This is not alarmist talk, but a deep concern for the entire financial ecosystem.

His reasoning is quite compelling—funds attracted by stablecoins do not enter the real economy at all. A look at the Treasury Department's data shows that the asset allocation structure of stablecoins resembles that of money market funds. Reserve funds mainly buy short-term government bonds and other low-risk assets, rather than converting deposits into business loans like banks do. Is the difference significant? Absolutely.

What are the consequences? Once deposits are siphoned off by stablecoins, banks are forced to seek higher-cost funding channels, resulting in a sharp increase in the overall society's financing costs. This is not just a banking issue; small and medium-sized enterprises also suffer.

Therefore, the current draft of the Senate Banking Committee's crypto bill explicitly states: "Prohibit stablecoins from generating interest." It sounds serious, but it has sparked a storm in the crypto community.

A representative from a certain exchange immediately responded strongly: this draft includes restrictions on stablecoin reward mechanisms, blocking tokenized stocks, and systemic constraints on DeFi. Looking closely at these amendments, they essentially aim to "cut off stablecoin yields" to help traditional banks eliminate competitors. This is not regulation; it’s blatant market protection.

As a result, the Senate vote scheduled for January 15 has been postponed.

Now, this confrontation is no longer just a regulatory discussion but a direct clash between the old financial system and on-chain finance. Stablecoins have touched the core of the banking system—deposits and interest margins. How this unfolds is in the hands of legislators. Will stablecoins be "incorporated into the walls" and become controlled assets, or continue to be the variable that rewrites the rules of finance? The answer is truly critical.

This game is far from over. Keeping an eye on policy developments can help you better understand the reshaping of power between crypto finance and traditional finance.