The general director of Multiliquid and Unified Labs, the former director of the development of tokenized assets of Standard Chartered, Will BeeSon, said the emitators of stabilcoins should offer users profitability if they want to make serious competition to banks.

In an interview with Decrypt, the head of Multiliquid said that in the competitive market, where many companies produce their own stablecoins, issuers are in a situation where you have to look for new ways to attract people’s attention. According to Bison, the decisive factor may be the possibility of paying remuneration to the holders of stablecoins. Revenue stablecoins can become a more attractive tool for savings than low-profit bank deposits, said the former Top manager of the Standard Chartered.

The proposal of the head of the Multiliquid sounded after the law that regulates the release and trade of stablecoins into force in the United States. The law prohibits to issuers to pay interest or reward for owning tokens, but does not prohibit third parties or intermediaries to pay encouragement, Bison emphasized. For example, Coinbase crypto -rope pays interest on the residues of USDC stabilcoins stored on the platform in the same tokens – in fact, users receive profitability.

However, banks put pressure on the congress so that he closes this loophole in law. In August, the Institute of Banking Policy (BPI), together with other banking associations, warned legislators that this “this defect” in the law could lead to $ 6.6 trillion deposits from the traditional financial system. Reducing lending will lead to an increase in interest rates and an increase in costs for business, bankers are afraid of.

The Blockchain Association sent its own appeal to the Congress, urging legislators not to succumb to the pressure of banks. The ban on obtaining profitability from stablecoins will put American companies in a disadvantage in the world market, and social activists are afraid. The Blockchain Association said that allowing the state -regulated state to share the benefits of customers is not a loophole, but a way to increase financial availability, which can make the United States a leader in the payment market.

Given this nuance, Bison doubts that in the near future any changes will be made to the law. In his opinion, the probability of this is less than 50%.

Recently, the head of the Cryptian division of the Mastercard payment company in Europe, Christian Rau, admitted that stabilcoins can be effectively used for international payments and money transfers.