PANews reported on March 15 that, according to Cointelegraph, Colin Butler, Executive Vice President of Capital Markets at Mega Matrix, stated that the uncertainty surrounding the regulatory framework for stablecoins may put traditional banks at a disadvantage compared to crypto companies in the competition, as banks, despite having invested heavily in digital asset infrastructure, will find it difficult to fully implement related businesses until the rules are clear.

Furthermore, the yield gap between stablecoin platforms and bank deposits could also drive capital migration. Butler stated that most trading platforms offer around 4% to 5% yield on stablecoin balances, while the average US savings account yield is less than 0.5%, and funds tend to move quickly when higher yields become available. Butler also warned that if regulators restrict stablecoin yields, it could push funds towards less regulated structures, such as synthetic dollar tokens like USDe that generate yields through derivatives strategies, thus leading to capital flows into less transparent offshore markets.

Sygnum's Chief Investment Officer, Fabian Dori, believes that while the competitive gap between banks and crypto platforms is widening, the likelihood of a large-scale outflow of deposits in the short term remains limited. However, he points out that once stablecoins are perceived as yield-generating digital cash, bank deposits will face more significant competitive pressure.

Butler points out that bank legal departments are generally unable to justify further capital expenditures to boards of directors because the market remains unclear about whether stablecoins will ultimately be classified as deposits, securities, or independent payment instruments. Companies like JPMorgan Chase have developed the Onyx blockchain payment network, BNY Mellon has launched a digital asset custody service, and Citigroup has tested tokenized deposits, but regulatory ambiguity limits the further scaling of these investments.

He added that, in contrast, crypto companies have long operated in a regulatory gray area and can continue to expand, while traditional banks cannot bear compliance risks in a similar environment and are therefore more likely to lose their competitive edge in the stablecoin race.

观点：矿工抛售比特币的压力不能阻止牛市发展

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