Consumers deserve the choice to earn yield on stablecoins, not be boxed into earning interest only through banks, Kraken co-CEO Dave Ripley said.
Kraken boss David Ripley has fired back against a senior executive of the American Bankers Association, who argued that stablecoins yield is a “detriment” to banks’ abilities to support their community.
ABA’s senior vice president of innovation and strategy, Brooke Ybarra, said if major crypto exchanges such as Kraken or Coinbase were allowed to pay interest on payment stablecoins, it would “fly in the face” of the idea that stablecoins should be used for payments and not as a store of value.
“A detriment to who?” Ripley said. “Consumers should have the freedom to choose where they hold value and the most efficient way to send that value.”