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Stripe CEO: Stablecoins to Force Banks to Offer More Competitive Rates to Users
Summary: According to market reports, Stripe CEO Patrick Collison stated that the rise of interest-bearing stablecoin options will compel banks to provide customers with competitive rates. Collison said, 'The average savings rate for deposits in the US and Europe is far below 1%, providing conditions for stablecoins to disrupt. Depositors should receive returns close to market ...
According to market reports, Stripe CEO Patrick Collison stated that the rise of interest-bearing stablecoin options will compel banks to provide customers with competitive rates. Collison said, 'The average savings rate for deposits in the US and Europe is far below 1%, providing conditions for stablecoins to disrupt. Depositors should receive returns close to market levels. Some lobbying groups are currently pushing for further restrictions in the 'post-GENIUS era' on any form of rewards related to stablecoin deposits. The commercial motives behind this are clear - while low-interest deposits may be good, in my view, such disrespectful practices towards consumers will backfire.'
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Link: Stripe CEO: Stablecoins to Force Banks to Offer More Competitive Rates to Users [Copy]
