The 60 trillion yuan deposit crisis: Why is the US banking industry banning interest-bearing stablecoins?

【BlockBeats】Recently, the US banking circle has been stirring up again. On January 23, the American Bankers Association hinted that the policy focus in 2026 will be to clamp down on the interest, yield, and reward mechanisms of stablecoins. In plain terms, it’s about blocking a threat—stablecoins are eroding bank deposits.

A more aggressive tone comes from the head of American banks, Moenihan. He bluntly stated: if Congress does not take action to restrict interest-earning stablecoins, deposits totaling up to $6 trillion could flow into the crypto market, accounting for 30%-35% of total deposits in US commercial banks. Imagine nearly one-third of bank deposits fleeing—that would mean serious implications for the traditional financial system.

Why such panic? Moenihan provided the answer. The operating logic of interest-earning stablecoins is similar to that of money market funds—they use reserves to buy US Treasuries and other short-term instruments to generate returns, then distribute these returns to users. In contrast, traditional banks use deposits for lending to support business and household financing. The key difference is that the funds in stablecoins circulate entirely outside the banking system, leading to a thinning deposit base available for loans.

From a financial stability perspective, this is indeed a problem. But on the other hand, it also reflects users’ desire for higher yields and lower-risk options. The upcoming game of chess will likely determine the direction of the stablecoin market in 2026.