A potential ban on stablecoin yield payments in the United States could encourage other countries to step in and offer such services, according to Takatoshi Shibayama, Asia-Pacific lead at crypto wallet company Ledger.
Speaking to Cointelegraph, Shibayama said that if the US introduces a broader restriction on stablecoin yields, it would “definitely open up a conversation” among financial institutions, stablecoin issuers and regulators in other regions about how they should respond.
He added that some countries, including Australia, have already provided regulatory carveouts for stablecoin issuers. However, many stablecoins — even those operating outside the US — currently avoid offering yields or rewards to users, partly to protect the interests of traditional banking institutions.
Shibayama noted that if the US were to change its approach, it could trigger wider discussions between stablecoin issuers and regulators globally about allowing yield or reward programs to be passed on to users.
The United States Senate is currently working on legislation to define how regulators will oversee the crypto market. However, the bill has stalled due to a provision backed by banking lobby groups that would prohibit third-party platforms from offering stablecoin yield products — a measure strongly opposed by crypto industry lobbyists.
Meanwhile, Takatoshi Shibayama, Asia-Pacific lead at Ledger, said there has been a noticeable shift in how major financial institutions in Asia are approaching the sector.
Asian institutions focusing on blockchain rather than crypto
According to Shibayama, since last year there has been a growing separation between cryptocurrency and broader blockchain technology in Asia. Financial institutions in the region are increasingly less interested in products that provide direct exposure to cryptocurrencies such as Bitcoin and Ethereum.
Instead, many institutions are exploring how blockchain can be used to tokenize traditional financial products or support the issuance of stablecoins. Discussions have largely centered on these use cases rather than decentralized finance or staking services.
Shibayama said institutions have become selective in how they adopt blockchain technology, focusing on specific applications while leaving cryptocurrencies largely out of the conversation.
However, he noted that asset managers have taken a slightly different approach. Many are still exploring the launch of crypto-related investment products to broaden their offerings to clients. These firms are also attracted by the fact that regulations around custodial requirements remain relatively flexible, even though most still prefer to work with regulated custodians.
“They’re becoming much more selective in how they choose their custody providers,” Shibayama added.
