Banks should offer better rates to counter stablecoins: Bitwise CIO

Bitwise investment chief Matthew Hougan says banks should pay their customers higher interest rates if they're worried about competition from stablecoins.

US banks should give better rewards to attract and keep customers instead of griping about the threat that stablecoins pose to their profits, says Bitwise’s investment chief, Matt Hougan.

“If local banks are worried about competition from stablecoins, they should pay more interest on deposits,” Hougan wrote on X on Tuesday. 

He added that the banks are only worried because “they’ve been abusing depositors as a free source of capital for decades.”

Read more