The Institute of Banking Policy (BPI), together with the American Association of Bankers (ABA), the Association of Banks-Banks (CBA) and the Forum of Financial Services sent a letter to Congress, setting out his fears about the risks of stabilcoins for the banking system.

The authors of the letter are afraid that the newly adopted by the Genius law on the regulation of the release and turnover of stabilcoins will create a loophole with which tokens issuers can indirectly pay interest or tokens profitability. The law prohibits the issuers of stablecoins to offer interest, but the ban does not apply to cryptocurrency exchanges or affiliated companies. This will give the issuers the opportunity to circumvent the law, offering profitability through partners, bankers said.

The widespread widespread of profitable stablecoins may interfere with the issuance of loans to American companies and families, confident in BPI. Stebblecoins can undermine the work of banks that attract deposits using savings products with a high percentage rate. Interests or profitability payments for stablecoin can lead to outflow of deposits from the traditional financial system by $ 6.6 trillion, worried bankers believe. In their opinion, lending reduction will provoke an increase in interest rates and increase expenses for large enterprises and households.

“For payment steablecoins, interest should not be paid, as regulated banks do, and profitability should not be offered by analogy with the funds of the money market. Such significant changes are a serious risk for the credit system of America, ”says BPI in contact with Congress.

Now the total market capitalization of stabilcoins is about $ 280.2 billion. This is a relatively small part of the money dollar mass, which, according to the US Federal Reserve (Fed), reached $ 22 trillion at the end of June.

Recently, the Bank of International Settlements (BIS) expressed similar concerns, saying that stabilcoins threaten the stability of the global financial market and credit-money policy of different states. Last week, the US Securities and Exchange Commission (SEC) called certain stabelcoins monetary equivalents.