"If the U.S. restricts stablecoin interest, competition could open up in overseas markets"

A view has emerged that if the United States restricts interest payments on stablecoins, other countries could seize it as a new competitive opportunity.

According to Cointelegraph on the 16th (local time), Takatoshi Shibayama, Asia-Pacific head at crypto wallet firm Ledger, said, "If the U.S. bans stablecoin interest payments, it could trigger fresh discussions among overseas regulators and the industry."

Shibayama explained, "If stablecoin interest payments are broadly prohibited in the U.S., discussions could begin overseas on whether to allow them."

The U.S. Senate is currently deliberating the 'CLARITY Act.', legislation intended to establish a regulatory framework for the digital-asset market. However, debate has been delayed as the bill includes a 'ban on stablecoin interest payments' clause backed by the banking sector. The provision would prohibit third-party platforms from offering interest or rewards to stablecoin holders.

Shibayama said, "In some countries, regulators already allow certain exemptions for stablecoin issuers, but in practice most stablecoins do not provide interest or rewards to users," adding, "That reflects consideration of banking-sector interests."

He added that if U.S. policy changes occur, models that provide users with interest or rewards could emerge through consultations between stablecoin issuers and overseas regulators.

Meanwhile, analysts say Asian financial institutions' approach is also shifting. Shibayama said, "Recently in Asia, the focus has been on leveraging blockchain technology rather than crypto assets themselves," adding, "Institutions are showing more interest in financial-asset tokenization and the potential issuance of stablecoins than in crypto investment products."

He noted, however, that asset managers are still considering launching crypto-related products to broaden the range of offerings for clients, and are becoming increasingly cautious in selecting custodial service providers.