Trump Supports Crypto Industry but Cannot Shake Wall Street's Stance: Stablecoin Yield Battle Becomes a Key Legislative Hurdle in the US

Breaking News from Mars Finance: On March 5th, according to POLITICO, U.S. President Donald Trump recently posted on social platform Truth Social, stating that he will not allow the banking industry to “undermine America’s strong crypto agenda,” and urging Wall Street and the crypto industry to reach an agreement to advance the stalled digital asset market structure bill in the Senate. The bill is currently stuck over core disagreements between the banking sector and the crypto industry: whether crypto exchanges can pay yields to stablecoin holders. Banks are concerned that this could lead depositors to transfer funds from bank accounts to stablecoin products, thereby weakening the banking deposit base and impacting credit supply. Although Trump publicly supports the crypto industry, industry insiders generally believe that this stance is unlikely to change the voting pattern in the Senate. Senate Banking Committee member and Republican Senator Thom Tillis stated that the president’s comments will not alter the banking sector’s risk stance. Crypto advocates believe that Trump’s involvement might pressure banks to make concessions in negotiations. Senator Cynthia Lummis pointed out that if banks take a hardline stance on stablecoin yield issues, they could face pressure from the government on other regulatory matters. Currently, U.S. government officials have intervened to coordinate negotiations between the banking sector and crypto companies, but no consensus has been reached on the stablecoin yield mechanism, which remains a key obstacle to advancing digital asset legislation.