The White House’s Council of Economic Advisers (CEA) has balanced the books: under a comprehensive ban on stablecoin yield, in the benchmark scenario bank lending would increase by only about $2.1 billion, which is roughly 0.02% of total loans; households would suffer a net welfare loss of about $0.8 billion. Community banks would receive only about $0.5 billion (about 24%), while the bulk goes to the large banks.
An extreme upper bound of about $531 billion (about 4.4%) would require stacking conditions such as a huge surge in stablecoin market share, all reserves being locked as cash, and the Federal Reserve abandoning the ample-reserves framework—conditions the model itself says are not realistic. Clarity has hit a roadblock; paradoxically, this yield ban makes the cost-benefit case worth revisiting.
$USDC #稳定币 #Clarity
An extreme upper bound of about $531 billion (about 4.4%) would require stacking conditions such as a huge surge in stablecoin market share, all reserves being locked as cash, and the Federal Reserve abandoning the ample-reserves framework—conditions the model itself says are not realistic. Clarity has hit a roadblock; paradoxically, this yield ban makes the cost-benefit case worth revisiting.
$USDC #稳定币 #Clarity
