Eric Trump Says Major US Banks Lobby to Curb High-Yield Stablecoin Products and Protect Profits

Eric Trump accused JPMorgan Chase, Bank of America, Wells Fargo and key financial lobby groups of working to block higher-yield stablecoin products in pending U.S. crypto legislation to preserve bank profit margins, according to his post on X on Tuesday. He argued that large banks receive interest from the Federal Reserve but only pass a small portion to depositors while crypto platforms plan to offer stablecoin returns of 4% to 5% or higher, and claimed the American Bankers Association is spending millions to limit those yields through bills such as the GENIUS Act. Trump's comments come as World Liberty Financial, the firm he co-founded, issues its own stablecoin USD1 and seeks a banking charter from the Office of the Comptroller of the Currency, meaning stablecoin yield rules would directly affect its business. President Donald Trump and White House crypto policy executive director Patrick Witt also publicly criticized bank resistance to stablecoin yield and regulatory proposals, including positions attributed to JPMorgan CEO Jamie Dimon.