Kraken co-CEO refutes banking executives' claims that stablecoin yields harm bank interests

ChainCatcher news, Kraken co-CEO Dave Ripley responded to American Bankers Association Senior Vice President Brooke Ybarra's remarks about "stablecoin yields harming banks' ability," stating that consumers should have the freedom to choose where to hold their assets and earn yields, rather than being forced to earn interest through banks.

Ripley criticized banks for charging fees on customer assets for a long time without sharing the profits, and claimed that the crypto industry is building a fairer financial system. Blockchain Association executive Dan Spuller also stated that traditional banks are trying to hinder the development of competitors like Coinbase and Kraken.