Stablecoin Panic? Professor Says Banks Are Chasing Myths, Not Facts

bitcoinistPublicado a 2026-01-13Actualizado a 2026-01-13

Resumen

Columbia Business School professor Omid Malekan challenges five banking industry myths about stablecoin yields, arguing that concerns holding up market structure legislation are unsubstantiated. He refutes claims that stablecoins automatically drain bank deposits or harm lending, noting that reserves are often held in Treasuries and bank accounts, which can support banking activity. Malekan emphasizes that the core issue is who captures the interest on reserve assets—banks or crypto issuers. As the Senate Banking Committee prepares to mark up a bill, community banks push to restrict yield-sharing with stablecoin users, warning of deposit flight, while negotiations continue over potential compromises.

Columbia Business School adjunct professor Omid Malekan challenged what he called five common banking-industry misunderstandings about stablecoin yields as Congress moves a market structure bill toward markup this month.

He pushed back on claims that stablecoins will automatically drain bank deposits or collapse lending, and argued the real fight is over who receives interest on the reserves that back those tokens.

“I’m disappointed that market structure legislation seems to be held up by the stablecoin yield issue,” he said. “Most of the concerns bouncing around Washington are based on unsubstantiated myths,” Malekan added.

Misconceptions About Stablecoin Yields

Based on reports, Malekan listed five specific points where industry talking points have wandered from the facts. He said stablecoins are fully reserved in many cases, and that issuers often park reserves in Treasury bills and bank accounts — activity that can feed, not sap, banking business.

He also noted that much US credit is delivered outside community banks, through money market funds and private lenders, so the link between stablecoins and bank lending is not as direct as some industry statements imply.

Banks Press Lawmakers Over Yield Rules

Lawmakers are racing to settle those questions before a committee markup. The Senate Banking Committee is scheduled to mark up the market structure text on January 15, 2026, and sources say negotiators remain split on whether to restrict third-party yield arrangements tied to stablecoins.

Community banks and trade groups have urged senators to close what they call “yield loopholes,” saying unregulated rewards could lure deposits away and raise liquidity risks.

BTCUSD trading at $91,860 on the 24-hour chart: TradingView

Who Captures The Interest Matters

Malekan focused attention on the distribution of interest from reserve assets. According to his comments, the policy choice is not about banning stablecoins but about deciding whether banks or crypto issuers capture returns on reserves.

If issuers are allowed to share interest or rewards with customers, that could pressure bank profits — a point banks are making loudly in hearings and letters to lawmakers.

File Drafting And Last-Minute Haggling

Reports have disclosed that committee staff were racing to file a bipartisan market structure text and reconcile yield language ahead of a deadline this week. Negotiations continued into late sessions as senators weighed compromises that could allow some forms of rewards while guarding against run risks and bank disintermediation.

Featured image from Global Finance Magazine, chart from TradingView

Preguntas relacionadas

QWhat are the main misconceptions about stablecoin yields that Professor Omid Malekan challenges?

AProfessor Malekan challenges five main misconceptions: that stablecoins will automatically drain bank deposits, collapse lending, and that they are not fully reserved. He argues that reserves are often parked in Treasury bills and bank accounts, which can actually feed banking business.

QAccording to the article, what is the real point of contention regarding stablecoins?

AThe real point of contention is over who receives the interest on the reserves that back stablecoins—whether it will be the banks or the crypto issuers and their customers.

QWhat action are community banks and trade groups urging senators to take?

ACommunity banks and trade groups are urging senators to close what they call 'yield loopholes,' arguing that unregulated rewards could lure deposits away from banks and raise liquidity risks.

QWhen is the Senate Banking Committee scheduled to mark up the market structure bill?

AThe Senate Banking Committee is scheduled to mark up the market structure text on January 15, 2026.

QHow does Malekan describe the link between stablecoins and bank lending?

AMalekan notes that much US credit is delivered outside community banks through money market funds and private lenders, so the link between stablecoins and bank lending is not as direct as some industry statements imply.

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