Anthony Scaramucci is back on the attack against traditional banking. The SkyBridge Capital founder stated that US banks are intentionally stifling the stablecoin industry to prevent mass deposit flight. In his view, financial giants are unprepared to compete fairly and use regulatory leverage to protect their balance sheets.
Banks refuse to pay customers market interest rates, so they do everything possible to block that opportunity for competitors — stablecoin issuers. The logic is simple: if you remove the legal ability to earn yield on digital dollars, liquidity will remain trapped in bank accounts.
“Which financial infrastructure will developing countries choose, with yield or without?” Scaramucci wrote.
Figure founder Mike Cagney pointed out to Scaramucci that legal pathways to earn yield in the US do exist — for example, through $YLDS.
Scaramucci acknowledged his industry peer’s success but stood by his opinion: such cases are merely the exception, not the rule, and the general direction remains far from innovation and focused on protecting the banking status quo.
The community warns that current policy is a gift to geopolitical rivals. China is utilizing its digital currency as soft power, and while US banks cling to their monopoly, Beijing is building a currency that people actually want to hold, thereby gaining a strategic advantage.
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