Stablecoin Rewards Dispute Reignites Rift With Banks Over Deposits
US President Donald Trump signs the GENIUS Act during a ceremony in the East Room of the White House in Washington, DC, US, on Friday, July 18, 2025.
Photographer: Al DragoThis article is for subscribers only.
Olga Kharif examines the growing dispute over whether US regulators need to figure out whether to let exchanges with stablecoins on their platforms offer rewards to users and permit them to lure deposits from traditional banks.
You would have thought that since Donald Trump signed the GENIUS Act into law in July, the fight over regulation of stablecoins in the US was all but over. Well, think again.