White House Crypto Meeting Next Week to Focus on Stablecoin Yields as Major U.S. Banks Join Talks

The White House will hold its second staff-level crypto meeting next Tuesday, centering on stablecoin yield payments and including senior policy representatives from major U.S. banks for the first time, crypto journalist Eleanor Terrett reported on Feb. 8. Bank of America, JPMorgan and Wells Fargo have received invitations, with PNC Bank, Citibank and U.S. Bank also possibly attending alongside industry groups including the Bank Policy Institute, American Bankers Association and Independent Community Bankers of America, people familiar with the matter said. Banks are seeking limits on stablecoin interest offerings by crypto firms, arguing high-yield crypto accounts could divert deposits, constrain lending capacity and create financial instability, while crypto companies counter this stance protects banks' regulatory advantages and suppresses competition. Treasury Secretary Scott Bessent on Thursday expressed support for smaller banks and said authorities will work to ensure stablecoin yield payments do not trigger deposit volatility, with committee executive director Patrick Witt urging stakeholders to reach an agreement by month-end.