TL;DR

U.S. Senator Cynthia Lummis urged banks to adopt stablecoins and digital assets, highlighting that they offer new financial opportunities.
Bank opposition to paying yield on stablecoin deposits has delayed the U.S. crypto market structure bill.
The U.S. dollar stablecoin market has a total capitalization of $290 billion and could exceed $2 trillion by 2028, according to Treasury Secretary Bessent.

U.S. Senator Cynthia Lummis called on banks to adopt stablecoins and digital assets, stating that these instruments provide new opportunities for financial products for their clients.

Lummis mentioned digital asset custody and the use of stablecoins as payment mechanisms. The senator chairs the Subcommittee on Digital Assets and emphasized that stablecoins can accelerate domestic and international transactions, reducing settlement times and costs.

Banks Protect Their Business

The adoption of stablecoins by banks is being delayed due to disagreements over yield payments on deposits. Banking groups oppose allowing crypto platforms to pay interest on idle stablecoins, arguing that this could pull deposits away from traditional institutions, particularly community banks.

The latest draft from the Senate Banking Committee includes provisions that prohibit platforms from offering yield on stablecoin deposits, a position supported by banks. As a result, companies like Coinbase withdrew their support for the legislation, further delaying the approval of the bill that seeks to establish a definitive regulatory framework for Bitcoin and the broader digital asset ecosystem.

A Single Bill Must Be Unified for the Senate

The Senate Agriculture Committee, chaired by John Boozman, stated that stablecoin rewards are a highly contentious issue, with concerns on both sides. Even if consensus is reached on yield payments, the banking and agriculture committees must reconcile their drafts into a single bill that can pass a full Senate vote.

The U.S. dollar stablecoin market continues to grow. Its total capitalization reached $290 billion, and Treasury Secretary Bessent projects it could exceed $2 trillion by 2028 with legislative support. Market growth and pressure for adoption by banks indicate a focus on integrating digital assets into the traditional financial infrastructure. Legislative discussions are focusing on balancing the adoption of new tools with the protection of deposits in existing institutions.

Although still pending, the legislation will determine the scope of stablecoin-based financial products that banks can offer and define the regulatory structure for crypto platforms in the U.S., directly affecting the development of the digital asset ecosystem and market liquidity

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Filed under: News - @ February 7, 2026 1:26 am