The White House held its third closed-door meeting on stablecoins, with crypto executives saying "there is still room for further development."

The White House held its third closed-door meeting on Thursday, inviting representatives from the crypto industry and banking groups to discuss stablecoin rewards mechanisms. The meeting, which lasted several hours, was described by attendees as a "constructive dialogue," but no final compromise was reached. Ji Hun Kim, CEO of the Crypto Council for Innovation, stated that the meeting further advanced the framework based on previous discussions, aiming to enhance U.S. competitiveness while protecting consumers. Coinbase Chief Legal Officer Paul Grewal also described the discussions as "cooperative and constructive," hinting that further negotiations would continue. Stablecoin holding rewards mechanisms are a key point of contention in current crypto market structure legislation. Sources familiar with the matter revealed that the White House proposed some principles allowing companies to offer rewards based on specific activities or account balances, but banks remain cautious. Whether a second round of meetings will be held is yet to be determined. Participating organizations included Ripple, the Blockchain Association, the Crypto Council for Innovation, and several major banking associations.