White House to resume talks with banks and the crypto industry on stablecoin yields

The White House is set to soon hold a second meeting with the banking sector and the virtual asset (crypto) industry to discuss the issue of stablecoin yields (interest payments).

Eleanor Terrett, host of Crypto America, said on the 10th (local time) via X (formerly Twitter) that the meeting will take place at 4:30 a.m. Korea time on February 11. The meeting is expected to last about 2 hours and 20 minutes.

Attendees will include representatives from major banks such as Goldman Sachs, JPMorgan, Bank of America, Wells Fargo and Citi. From the crypto industry, participants are said to include Coinbase, Andreessen Horowitz (a16z) and the Blockchain Association.

Terrett said, "According to two sources familiar with the matter, participants received an email from the White House the previous day," adding, "The email asked them to come to the meeting with more serious proposals and a willingness to compromise in preparation for this discussion."

The debate over paying yields on stablecoins is one of the key points of contention between banks and the crypto industry, and is expected to influence future discussions on the direction of U.S. stablecoin regulation and market structure.