Moody's: Stablecoins Unlikely to Challenge Banks in Short Term, but Long-Term Pressure is Emerging

BroadChain has learned that at 12:16 on April 21, according to Bitcoinist, the "Clarity Act of 2025," aimed at regulating the U.S. cryptocurrency market, is deadlocked in Congress, with the core dispute being whether stablecoins should be allowed to pay interest. Cryptocurrency companies, led by Coinbase, oppose the provision in the early version of the bill that prohibits interest-bearing stablecoins, while the banking industry strongly advocates maintaining the ban. Abhi Srivastava, Vice President of Moody's Investors Service's Digital Economy Group, analyzed that within the current adoption cycle, stablecoins pose limited threats to traditional banks. The reasons are that the U.S. already has a fast, low-cost, and trusted payment system, and current laws prohibit stablecoins from paying yields, making it difficult for them to divert bank deposits on a large scale in the short term. Data shows that the total market value of stablecoins exceeded $300 billion by the end of last year, with continued growth in applications for payments, cross-border trade, and on-chain finance, alongside the parallel expansion of real-world asset tokenization. Srivastava acknowledged that in the long run, as stablecoins and tokenized assets scale up, banks may face pressure from deposit outflows and reduced lending capacity. The cryptocurrency industry warns that if the CLARITY Act fails to pass, it may face stricter regulatory crackdowns in the future, but currently, there is little progress in negotiations.