Eric Trump Accuses Major Banks of Lobbying Against Stablecoin Yields to Protect Low-Rate Monopoly

Eric Trump, cofounder of World Liberty Financial (WLFI), accused large U.S. banks of lobbying against higher-yield stablecoin products to protect a "low-rate monopoly," calling their stance "anti-American" in a recent post on X. He noted major banks pay depositors about 0.01–0.05% APY on standard savings accounts while receiving over 4% from the Federal Reserve, arguing the spread drives record profits instead of benefiting retail customers, and claimed groups such as the American Bankers Association are spending millions to curb 4–5% stablecoin yields via measures including the CLARITY Act. In parallel, President Donald Trump criticized banks for allegedly "undermining and threatening" the GENIUS Act and for holding the CLARITY Act "hostage," while urging a deal with the crypto industry. The CLARITY Act, which passed the House with bipartisan support in July 2025 and is now stalled in the Senate Banking Committee, seeks to delineate oversight between the SEC and CFTC, but the Senate version would tighten stablecoin rules, restrict interest paid on balances, expand SEC authority and DeFi oversight, and has drawn opposition from Coinbase amid missed White House deadlines for compromise on stablecoin yield rules.