TechFlow, October 5 — According to Cointelegraph, Stripe CEO Patrick Collison said that with the rise of yield-bearing stablecoin options, stablecoins will force banks to offer customers competitive interest rates.
Collison stated: "The average savings rate on customer deposits in the U.S. and Europe is well below 1%, creating conditions for stablecoin disruption. Depositors are getting, and should get, returns close to market rates on their capital. Some lobbying groups are currently pushing for further restrictions in the post-GENIUS era on any form of rewards tied to stablecoin deposits. The commercial motivation here is clear—low-interest deposits are convenient, but in my view, such disrespect toward consumers is ultimately self-defeating."
