Banks Feel Stablecoins Could Pose an Existential Threat to Them

August 29, 2025 at 09:05 AM EDT

The introduction of the GENIUS Act, which officially regulates stablecoins, has stirred new friction between banks and the cryptocurrency sector. Traditional financial institutions are sounding alarms that the law could encourage massive movement of funds out of banks and into digital assets, potentially shifting trillions of dollars.

The crypto industry, including leading players like Riot Platforms Inc. (NASDAQ: RIOT), will be hoping that banks don’t prevail on policymakers to make regulatory changes that roll back the gains that recently…

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