Ledger executive: If the US bans stablecoin yields, other countries may fill the gap.

Takatoshi Shibayama, Ledger's Head of Asia Pacific, stated that if the US implements a broader ban on stablecoin yields, discussions will arise among institutions, stablecoin issuers, and regulators in other countries. He pointed out that countries like Australia have already granted regulatory exemptions to stablecoin issuers, but currently, most stablecoins, even outside the US, do not offer yields or rewards to users to protect banking interests. If US policy changes, discussions between stablecoin issuers and regulators in various countries regarding allowing yields to be passed on to users will increase significantly. Currently, the US Senate is advancing a crypto regulatory bill, but legislation is stalled due to a clause supported by banking lobbying groups prohibiting third-party platforms from offering stablecoin yields, which crypto industry lobbyists oppose. Shibayama also stated that Asian financial institutions' focus on the crypto industry has shifted, with crypto and blockchain technology becoming somewhat decoupled since last year. Institutions are more focused on the tokenization of financial products and the issuance of stablecoins, rather than crypto-native products like DeFi and staking; crypto assets such as Bitcoin and Ethereum are excluded from discussion. However, asset management companies are still considering launching crypto products to enrich customer choices.