You can read the news if you click on this link:US banks lobby to block stablecoin interest over fears of deposit flight

The Genius Act did not allow yielding. Banks are allowed to create their own stable coins but they can not pay interest on it.

The banks fear that people will prefer exchanges as people can indirectly stakesstake their stable coins on the exchanges and be yielding for them, therefore they said it can lead to people sending money from their bank account to exchanges, buy coins like USDT or USDC and stake it for yielding.

Why are banks afraid? I thought USDUnited States dollar itself can be stajedstaked in banks to yield APR. Or they think people will just leave USD and turn to only USDT, USDC and other stable coins?

Or why did they not let Trump knowsknow that Genius Act should also allow yielding instead. Or is this what they are indirectly implying?

You can read the news if you click on this link:US banks lobby to block stablecoin interest over fears of deposit flight

The Genius Act did not allow yielding. Banks are allowed to create their own stable coins but they can not pay interest on it.

The banks fear that people will prefer exchanges as people can indirectly stakes their stable coins on the exchanges and be yielding for them, therefore they said it can lead to people sending money from their bank account to exchanges, buy coins like USDT or USDC and stake it for yielding.

Why are banks afraid? I thought USD itself can be stajed in banks to yield APR. Or they think people will just leave USD and turn to only USDT, USDC and other stable coins?

Or why did they not let Trump knows that Genius Act should allow yielding instead.