Jeremy Barnum, Chief Financial Officer of JPMorgan Chase, warned this Tuesday about the risks of stablecoins que generan rendimientos outside the regulated system. The executive pointed out that these structures replicate banking functions without having the necessary prudential safeguards to protect users. During the fourth-quarter 2025 earnings call, Barnum emphasized that the emergence of financial systems without supervision represents a threat to global economic stability.
The financial entity’s position coincides with the regulatory objectives proposed in the recent GENIUS Act. According to Barnum, allowing digital assets to operate as interest-paying deposits undermines centuries of developed banking regulations designed to prevent systemic crises. Nevertheless, the executive clarified that JPMorgan supports technological innovation as long as it remains within the legal frameworks established by the competent authorities. The main concern lies in the lack of deposit insurance and capital controls on these platforms.
Likewise, legislative discussion in the United States Congress has recently taken a restrictive turn. The amended draft of the Digital Asset Market Clarity Act would explicitly prohibit the payment of passive interest to holders of stable assets. This measure seeks to prevent these instruments from functioning as direct substitutes for traditional savings accounts. Regulators are trying to halt the massive migration of capital from commercial banking to the decentralized finance ecosystem.
The progress of legal frameworks will define the survival of the regulated digital ecosystem
On the other hand, the crypto industry argues that these rewards are necessary incentives for mass adoption. However, the current legislative text allows exceptions for benefits linked to liquidity provision or governance activities within a specific network. In this way, authorities distinguish between passive yield and active participation in the blockchain infrastructure. The banking sector cautiously observes this growth of digital assets linked to the United States dollar.
Furthermore, the American banking lobby has expressed growing fear regarding unfair competition from these currencies. The fact that stablecoins que generan rendimientos offer higher rates than traditional banks could trigger an unprecedented flight of retail deposits very soon. Therefore, financial institutions demand that any digital asset issuer complies with the same capital and liquidity requirements as traditional banking entities. The tension between technological efficiency and financial security continues to increase significantly.
Will regulation be able to balance technological innovation with the protection of the financial system?
Despite the warnings, the use of these assets for cross-border payments and settlements continues to expand rapidly. Analysts foresee that the prohibition of passive yields could discourage certain institutional investors in the short term. However, this could force projects to focus on the real utility of the asset beyond simple financial speculation. The market expects that regulatory clarity will finally drive a deeper integration between both financial worlds.
To conclude, the future of stablecoins que generan rendimientos will depend on the final votes in the Senate. It is expected that exchange platforms will have to adjust their business models to comply with the new interest restrictions before the end of the year. Likewise, the evolution of this conflict will determine whether cryptocurrencies become an extension of the banking system or its main competitor. Investors must prepare for deep structural changes in the offering of remunerated digital products.
