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Bitwise’s Matt Hougan Critiques Banks Over Stablecoin Competition Concerns
Bitwise’s Matt Hougan Critiques Banks Over Stablecoin Competition Concerns
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BTCCSquare news:
Bitwise Chief Investment Officer Matt Hougan has dismissed U.S. banks' fears of stablecoin competition as misguided, arguing that the institutions should focus on improving deposit yields instead. Stablecoins now offer returns as high as 5%, dwarfing the average 0.6% interest rate provided by traditional savings accounts.
"If local banks are worried about competition from stablecoins, they should pay more interest on deposits," Hougan stated. He accused banks of exploiting depositors as a free capital source for decades, now facing legitimate disruption from crypto alternatives. The critique highlights how stablecoins combine yield superiority with operational advantages—instant settlements and zero custody fees.
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