White House Disputes 'Stablecoin Deposit Drain' Claim, to Release Verification Tool

The Trump administration has disputed claims by the banking sector regarding a supposed link between stablecoin growth and deposit outflows from regional banks, aiming to secure support from Senate Republicans. A verification tool that allows users to test various scenarios will be released on May 15 (local time), according to Semaphor. The White House Council of Economic Advisers previously concluded in its analysis that no significant relationship exists between these two phenomena.