TechFlow news, April 17 — According to The Block, U.S. banks are engaged in a fierce battle with technology companies over the right to issue stablecoins. Bank of America is lobbying lawmakers through industry groups such as the Bank Policy Institute and the American Bankers Association to establish rules favoring traditional banks in issuing stablecoins, while restricting tech firms like Amazon and Meta from issuing dollar-backed crypto tokens.
The report noted that both the GENIUS Act in the Senate and the STABLE Act in the House currently allow non-bank entities to issue stablecoins. Circle is positioning itself as a compliant, U.S.-based alternative to offshore stablecoin giant Tether. Tether CEO Paolo Ardoino said he is considering establishing a U.S. subsidiary to compete in the American market.
