Stripe CEO: Stablecoins will force banks to offer users more competitive interest rates

ChainCatcher news, according to market news, Stripe CEO Patrick Collison stated that the rise of yield-bearing stablecoin options will force banks to offer competitive interest rates to customers.

Collison said, "The average savings rate for customer deposits in the U.S. and Europe is well below 1%, which creates conditions for the disruption of stablecoins. Savers will receive, and should receive, capital returns close to market levels. Some lobbying groups are currently pushing for further restrictions on any form of rewards related to stablecoin deposits in the 'post-GENIUS era.' The commercial purpose behind this is very clear—while low-interest deposits may be good, in my view, such a disrespectful approach to consumers is self-defeating."