<div id="readability-page-1" class="page"><div id="ArticleBody-InlineImage-108271652"><div><div><p>US President Donald Trump boards Air Force One before departing Palm Beach International Airport in West Palm Beach, Florida, on March 1, 2026, on his way back to Washington, DC.</p><p>Mandel Ngan | Afp | Getty Images</p></div></div></div><div><p>President Donald Trump has thrown his support behind crypto firms in their high-stakes battle with U.S. banks over whether they can offer interest-like returns on stablecoins. </p><p>Trump, in a social media post late Tuesday, ratcheted up pressure on banks to relent on the stablecoin yield issue.</p><p>That's the key point of contention holding up passage in Congress of the Clarity Act, which is a companion bill to the Genius Act approved last year, setting up a framework for regulated stablecoins. </p><p>&#34;The Genius Act is being threatened and undermined by the Banks, and that is unacceptable,&#34; Trump said in his post. &#34;They need to make a good deal with the Crypto Industry because that's what's in best interest of the American People.&#34;</p><p>While Trump's decision to back the crypto industry could sway members of his Republican Party in the GOP-led Congress, it's unclear whether his support is enough to ensure the bill's passage. The move also raises fresh questions over potential conflict of interests, as the president and his family have reportedly generated hundreds of millions of dollars in wealth from interests in firms including the crypto platform World Liberty Financial.</p><p>The dispute between the industries centers on whether crypto firms like <span id="RegularArticle-QuoteInBody-3">Coinbase<span><span id="-WatchlistDropdown"></span></span></span> can offer yields on stablecoins. While crypto companies see it as a consumer-friendly innovation that will let people earn money on their idle funds, banks have warned that the competing product could siphon trillions of dollars from their industry.</p><p>Executives from <span id="RegularArticle-QuoteInBody-4">JPMorgan Chase<span><span id="-WatchlistDropdown"></span></span></span> and <span id="RegularArticle-QuoteInBody-5">Bank of America<span><span id="-WatchlistDropdown"></span></span></span>, the two largest American banks by assets, have cited a Treasury study that indicated that banks could lose up to $6.6 trillion in deposits if stablecoins offered a yield. That could destabilize some banks, especially smaller ones, and remove a source of funding for loans to businesses across the country. </p><p>&#34;It can't be, you have these people doing one thing without any regulation, and these people doing another,&#34; JPMorgan Chase CEO Jamie Dimon told CNBC's Leslie Picker on Monday. &#34;If you do that, the public will pay. It will get bad.&#34;</p><p>In recent months, the president has hosted a series of White House meetings between the two sides in hopes of brokering a deal, but the banks haven't relented, according to people with knowledge of the gatherings.</p><p>Now, he is explicitly putting his weight behind crypto.</p><p>&#34;Americans should earn money on their money,&#34; Trump said in the post. &#34;This industry cannot be taken from the People of America when it is so close to becoming truly successful.&#34;</p></div></div>

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<p>US President Donald Trump supports crypto firms in their battle with banks over stablecoin yields, arguing that banks should negotiate fairly with the crypto industry. This dispute is crucial for the passage of the Clarity Act, which aims to regulate stablecoins. Trump claims that allowing yields on stablecoins is in the best interest of Americans, while banks warn it could lead to a loss of trillions in deposits, destabilizing the banking sector. Trump's backing may influence GOP members, but the outcome remains uncertain.</p>

- President Donald Trump has expressed his support for crypto firms in their dispute with U.S. banks over stablecoin yields.  
- The conflict is impeding the passage of the Clarity Act, which aims to regulate stablecoins, as banks fear losing up to $6.6 trillion in deposits.  
- Trump's backing may influence Republican lawmakers, but concerns about potential conflicts of interest remain given his family’s wealth in the crypto sector.

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Trump sides with crypto firms in trillion-dollar battle with banks over stablecoin yield