Eric Trump accused major U.S. banks of spending millions to block stablecoin interest payments. The dispute centers on whether crypto platforms should be allowed to offer yields of 4–5% on dollar-pegged tokens.
The fight carries direct implications for retail savers and the structure of the U.S. financial system. Stablecoin interest could shift deposits away from traditional banks and into crypto platforms if regulators permit the practice.
Trump made the comments Wednesday in a post on X. He singled out JPMorgan Chase, Bank of America, and Wells Fargo for lobbying against interest-bearing stablecoins under the proposed Clarity Act.
Let me make this very clear: Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savings—while trying to block any rewards or perks from being given to customers.
— Eric Trump (@EricTrump) March 4, 2026
These banks, and…
He also claimed the American Banking Association and other lobbying groups are pushing lawmakers to prohibit stablecoin yield programs offered by U.S. crypto platforms.
Should Stablecoins Be Allowed To Pay Interest?
The debate arrives as stablecoins expand beyond simple settlement tools into yield-bearing savings alternatives. Dollar-pegged tokens now represent more than $150 billion in circulation, according to industry estimates, with decentralized finance protocols frequently offering yields several percentage points above bank savings accounts.
Traditional banks argue the structure threatens deposit stability. If stablecoin platforms begin paying interest widely, deposits could migrate rapidly into digital wallets seeking higher returns.
Trump framed the issue as a consumer access problem.
“Big banks are lobbying overtime to block Americans from getting higher yields on their savings,” he wrote, adding that retail deposit accounts often pay roughly 0.01%–0.05% annually while banks earn around 3.65% on reserves held at the Federal Reserve.
Yet banking leaders dispute that framing. Jamie Dimon, chief executive of JPMorgan Chase, said interest-bearing stablecoins should face the same regulatory structure as bank deposits.
“If you're going to be holding balances and paying interest, that's a bank,” Dimon said earlier this week.
Others within government disagree with that comparison. Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, argued the issue is not yield itself but whether the underlying assets are lent or rehypothecated.
The political context complicates the debate further. Trump is a co-founder of crypto platform World Liberty Financial, which issues the USD1 stablecoin and WLFI token, raising conflict-of-interest concerns around U.S. digital-asset policy.
Still, negotiations continue. The White House has convened talks between banks and crypto firms as lawmakers debate stablecoin provisions within the Clarity Act, with the next legislative revisions likely to determine whether yield-bearing tokens reach U.S. consumers.
