Banks push to slow stablecoin law as Agora races for charter

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Banks push to slow stablecoin law as Agora races for charter U.S. banks are looking to delay landmark stablecoin legislation even as crypto firms like Agora push ahead. Latest developments: Banking groups want regulators to pump the brakes on the Genius Act rollout. - Major U.S. banks have asked for extended public comment periods before full implementation. - Agora CEO Nick van Eck said the move is “not much of a surprise,” calling the law one of the most significant in banking history - Van Eck expects continued efforts to slow the process over the next year as banks assess risks to their business models Reading between the lines: The fight centers on deposits and yield economics. - Van Eck argued banks’ real concern is “deposit flight” if stablecoin issuers can pass through rewards to users - Traditional banks currently profit from the spread between near-zero deposit rates and higher returns at the Fed, he said Why it matters: A unified federal framework could reshape U.S. finance. - Van Eck said a national regime would boost innovation and global dollar adoption - The Genius Act would require stablecoin issuers to operate as banks, raising the bar for entry - The outcome could determine whether crypto firms or traditional banks dominate digital dollar infrastructure Closer look: Agora is betting on a bank charter to compete. - The firm filed for a national trust bank charter with the OCC last week, aiming for approval by year-end - A charter would allow Agora to issue stablecoins directly under federal oversight - Van Eck said direct issuance could eliminate “egregious fees” in fiat-to-crypto on/off ramps What comes next: Agora is eyeing a broader financial stack. - The company plans to expand beyond issuance into custody, compliance, and infrastructure services - Van Eck said the goal is to bring businesses “on-chain without them knowing it,” emphasizing seamless integration More For You

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