Ledger Executive: If the US Bans Stablecoin Yields, Other Countries May Fill the Regulatory Gap

Gate News reports that on March 16, Ledger Asia-Pacific Head Takatoshi Shibayama stated that if the United States implements broader restrictions on stablecoin yields, discussions will be initiated among institutions, stablecoin issuers, and regulators in other countries. He pointed out that countries like Australia have already provided regulatory exemptions for stablecoin issuers, but currently, most stablecoins outside the U.S. do not offer yields or rewards to users to protect banking interests. If U.S. policies change, discussions between stablecoin issuers and regulators in various countries regarding allowing yields to be passed to users will significantly increase. Currently, the U.S. Senate is advancing a crypto regulation bill, but legislation has stalled due to provisions supported by banking lobbies that prohibit third-party platforms from offering stablecoin yields, which crypto industry advocates oppose. Shibayama also mentioned that Asian financial institutions’ approach to the crypto industry has shifted, with a decoupling from crypto and blockchain technology since last year. They are now more focused on tokenization of financial products and stablecoin issuance rather than DeFi, staking, and other native crypto products, with assets like Bitcoin and Ethereum excluded from discussions. However, asset management firms are still considering launching crypto products to diversify client options.