Bank of America CEO Brian Moynihan stated during the quarterly earnings call that interest-bearing stablecoins could cause a $6 trillion loss of deposits from the banking system and damage the creditworthiness of small and medium-sized enterprises. Citing data from a U.S. Treasury report, Moynihan pointed out that stablecoins have a financial structure similar to money market mutual funds, with their reserves invested in low-risk securities such as short-term Treasury bonds rather than being converted into bank loans. He believes that the widespread adoption of interest-bearing stablecoins will force banks to turn to more expensive wholesale funding, thereby driving up overall borrowing costs. Currently, the U.S. Senate Banking Committee is discussing a draft cryptocurrency bill that proposes to prohibit idle stablecoins from generating interest. Coinbase CEO Brian Armstrong posted on the X platform that Coinbase has officially withdrawn its support for the bill due to its inclusion of provisions restricting stablecoin rewards, substantially prohibiting tokenized stocks, and restricting DeFi. Armstrong accused the amendments of aiming to eliminate competition for banks by removing stablecoin rewards. As a result, the Senate Banking Committee has postponed its vote, originally scheduled for January 15th.