Bank of America has declared war on stablecoins. On December 18th, the American Bankers Association, along with bank associations from 52 states, sent a letter to Congress demanding the closure of a loophole in the Genius Act, signed in July of this year—a law prohibiting stablecoin issuers and related platforms from providing yields, rewards, or interest to stablecoin holders. The loophole lies in the fact that while the Genius Act prohibits stablecoin issuers from directly paying interest to holders, it doesn't address related parties. Therefore, Coinbase can offer USDC users a 4% annualized return, and PayPal can offer PYUSD users 3.5%—they are not issuers, but merely "platforms." We are aware of this loophole, and the banks are well aware of it. Their letter is very direct: certain exchanges and other digital platforms are exploiting this loophole to offer incentives similar to yields on stablecoins, a practice that "potentially undermines core banking operations, including deposit and loan takings, thereby harming the local community." In other words: You're robbing me. Is this concern reasonable? Absolutely. The reason Congress explicitly banned interest-bearing stablecoins in the Genius Visa Act is that it wanted to position stablecoins as a payment tool, not an investment product. This is a way to protect US banks. If interest-bearing stablecoins were allowed, they would undoubtedly steal business from banks, potentially draining trillions of dollars from traditional deposits that support loans to small businesses and consumers. Keeping stablecoins non-yielding helps maintain the basic structure of the US credit system. The average interest rate for US savings accounts is 0.4%-0.6%. Interest-bearing stablecoins offer 4%. A tenfold difference. The business model of banks is simple: attract deposits with low interest rates, lend with high interest rates, and profit from the interest rate spread. Deposits are the gateway to everything—without deposits, there is no lending capacity, no customer relationships, and wealth management, payment services, and trust businesses are all built upon this gateway. The development of stablecoins initially drains the banks' resources. Banks are certainly unhappy, but it's futile. The Genius Act won't officially take effect until January 2027, or 120 days after the final regulations are released. At that time, it may clarify whether exchanges, as related parties, can pay interest to holders. Loopholes may be closed in the short term. But even if they are, it won't be effective—the returns will shift to the packaging layer: tokenized government bond funds, money market tokens—products built on top of stablecoins for payments, rather than allowing the stablecoins themselves to generate interest. The form has changed, but the essence remains the same. What are the highest strategic interests of the United States in the financial sector? To continue the dollar's hegemony and maintain the ability to finance US debt. The method of achieving this is not so important. History always repeats itself. The taxi industry lobbied to suppress Uber, yet ride-hailing still became mainstream. Record companies sued Napster, yet streaming media still reshaped the music industry. Banks are doing the same thing now—using regulatory barriers to buy time. Delay doesn't mean it's meaningless. For banks, it buys more time to prepare for digital transformation. Just as taxis are now integrated into Didi, in the future, depositing money in banks may just be an optional side effect of stablecoin entry points. The dollar's hegemony has lasted for 80 years since the Bretton Woods reforms in 1944, but it is facing unprecedented challenges: the BRICS countries are pushing for de-dollarization, and the dollar's share of global reserves has fallen from 72% to 59%. Against this backdrop, the US government has a strong incentive to promote dollar-denominated stablecoins, and banks will face greater resistance from national interests. Each version has its own dominant force. Banks will become obsolete, and stablecoins will be the next dominant force.