A Trillion-Dollar Fight Over the Future of Money A major financial power struggle is unfolding in Washington. On one side are America’s largest banks, which have dominated the deposit economy for decades. On the other are crypto firms pushing to expand the role of stablecoins—digital tokens pegged to the U.S. dollar. The core dispute is whether stablecoins should be allowed to offer yield, essentially interest-like returns for users holding digital dollars. Crypto companies argue it lets Americans earn money on idle funds. Banks warn it could drain deposits from the traditional financial system. Some estimates suggest as much as $6.6 trillion could leave bank accounts if stablecoin yield becomes widespread. That’s not just competition—it’s a potential restructuring of the financial…
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