US Senator Lummis urges banks to embrace stablecoins as a business opportunity

U.S. Wyoming Republican Senator Cynthia Lummis has called on traditional banks to embrace stablecoins, believing that stablecoins can provide banks with entirely new financial products and make financial services faster and cheaper. Negotiations on the crypto market structure bill have reached an impasse, with banks and credit unions concerned that stablecoin incentives may lead to a loss of traditional account deposits, especially impacting community banks. Digital asset analyst Nic Puckrin pointed out that delays in the bill will limit digital asset prices and emphasized the strategic significance of stablecoins in a weak dollar environment. U.S. Treasury Secretary Scott Bessent stressed that the CLARITY Act must be passed, and Senate Majority Leader John Thune promised to reserve time for the bill later this spring.