PANews reported on March 15 that according to Cointelegraph, according to Colin Butler, executive vice president of capital markets at Mega Matrix, the uncertainty surrounding the regulatory framework for stablecoins may put traditional banks at a more disadvantageous position than crypto companies in the competition, because although banks have invested a lot in digital asset infrastructure construction, it is difficult to fully implement related businesses before the rules are clarified.

Additionally, the yield gap between stablecoin platforms and bank deposits may also drive capital migration. Butler said that most trading platforms offer about 4% to 5% returns on stablecoin balances, while the average savings account yield in the United States is less than 0.5%, and funds tend to flow quickly when higher yields occur. Butler also warned that if regulators limit stablecoin yields, it could push funds to less regulated structures, such as synthetic dollar tokens such as USDe that generate yield through derivatives strategies, allowing capital to flow to less transparent offshore markets.

Fabian Dori, chief investment officer of Sygnum, believes that although the competitive gap between banks and crypto platforms is widening, the possibility of large-scale deposit outflows in the short term is still limited. However, he pointed out that once stablecoins are seen as yield-generating digital cash, bank deposits will face more pronounced competitive pressure.