Will stablecoin yields be banned by the US? Ledger executive warns: the global regulatory landscape may be reshaped

Gate News reports that on March 16, Ledger, a hardware wallet company, Asia-Pacific head Takatoshi Shibayama stated that if the U.S. ultimately bans the distribution of stablecoin yields, the global crypto regulatory environment could see a new competitive landscape, with some countries potentially exploiting this gap to introduce more attractive policies.

In an interview with the media, Shibayama pointed out that U.S. regulators are currently discussing legislation related to stablecoins, which includes provisions pushed by banking industry lobbying groups to prohibit third-party platforms from offering stablecoin yields to users. This regulation has sparked controversy within the industry and is one of the key disagreements in the legislative process.

He believes that once the U.S. enforces comprehensive restrictions, overseas regulators and stablecoin issuers are likely to reassess their policy directions, possibly discussing whether to allow stablecoins to distribute yields or rewards to users. Shibayama stated that such policy changes could prompt some jurisdictions to introduce more open stablecoin frameworks to attract fintech companies and digital asset innovation projects.

Currently, some countries have adopted relatively flexible regulatory approaches. For example, in Australia, regulators have granted certain exemptions for some stablecoin issuance structures. However, Shibayama noted that even outside the U.S., most stablecoin products still do not offer yields to users, as their design tends to favor maintaining the interests of traditional banking systems.

Meanwhile, Asian financial institutions’ focus in the digital asset space is also shifting. Shibayama said that over the past year, a clear trend has emerged in Asian markets: institutions are more interested in blockchain infrastructure and the tokenization of financial products rather than direct investment in cryptocurrencies themselves.

He pointed out that many large institutions are exploring how to issue stablecoins via blockchain, achieve asset tokenization, or improve payment systems, with relatively limited interest in direct exposure to cryptocurrencies like Bitcoin and Ethereum.

However, attitudes among asset management firms vary. Shibayama said some asset managers are still exploring the launch of crypto-related investment products to expand the asset allocation options available to clients. Additionally, since some regions currently do not mandate the use of regulated custodians, some firms still retain flexibility in choosing custody services.

He added that as the regulatory environment gradually improves, institutional investors are becoming more cautious when selecting digital asset custody providers, preferring those with proper compliance credentials and strong security records.