Ledger executive: If the US bans stablecoin yields, other countries may fill the gap

Odaily reported that Takatoshi Shibayama, Head of Asia Pacific at Ledger, stated that if the United States implements a broader ban on stablecoin yield, discussions will arise among institutions, stablecoin issuers, and regulators in other countries. He pointed out that countries such as Australia have already provided regulatory exemptions for stablecoin issuers, but currently, most stablecoins do not offer yields or rewards to users even outside the US, in order to protect the interests of banks. If US policy changes, discussions between stablecoin issuers and regulators in various countries about allowing yields to be passed on to users will increase significantly.

Currently, the US Senate is advancing a crypto regulatory bill, but the clause prohibiting third-party platforms from offering stablecoin yields, supported by banking industry lobbying groups, has stalled the legislation. Crypto industry lobbyists have expressed opposition to this clause.

Shibayama also stated that Asian financial institutions have changed their approach to the crypto industry. Since last year, there has been a certain degree of decoupling between crypto and blockchain technology. Institutions are now more focused on the tokenization of financial products and stablecoin issuance, rather than crypto-native products such as DeFi and staking. Crypto assets like bitcoin and ethereum are excluded from these discussions. However, asset management companies are still considering launching crypto products to diversify client options.