BofA dey warn say $6T fit shift go interest‑bearing stablecoins, wey go put pressure for banks

Bank of America CEO Brian Moynihan warn say up to $6 trillion — about 30–35% of US commercial bank deposits — fit move enter interest-bearing stablecoins if US market-structure law make am allowed. E say those money wey go comot go resemble past money-market runs, go shrink bank balance sheets, reduce dem ability to lend, force dem to depend on more expensive wholesale funding and likely make borrowing cost higher, wit small and medium businesses dey most at risk. Him talk am as Senate dey debate market-structure bill (drafts include GENIUS Act and related proposals) wey go clarify stablecoin rules and get controversial line about whether payment-purpose stablecoins fit pay interest or give rewards. Crypto leaders (including Coinbase’s Brian Armstrong) and investors dey argue say interest-bearing stablecoins and on-chain rewards dey spur innovation and liquidity, while banks and some regulators dey warn about systemic risks to deposit insurance and bank funding. Previous Treasury estimates and analyses citied by Moynihan put potential deposit migration as high as $6–6.6 trillion. For traders: ongoing regulatory uncertainty na big driver — restrictive rule wey ban interest/rewards fit limit on-chain yield options and slow stablecoin adoption, while permissive regime fit accelerate USD flows into crypto rails, increase stablecoin supply and on-chain liquidity, and shift funding dynamics between banks and crypto platforms. Monitor legislative developments, regulator statements, and major exchange 'rewards' programs: each one go directly affect stablecoin demand, funding costs for traditional finance, and short-term risk sentiment across equities and crypto markets.