White House to Release Stablecoin Verification Tool Ahead of Clarity Bill

The White House is set to release an interactive tool on May 15 that allows users to test various scenarios by adjusting parameters to verify the relationship between stablecoin growth and bank deposit outflows. Economic Advisor Committee Chair Chris Phelan explained the tool aims to confirm there is no substantive connection between the spread of stablecoins and outflows from regional bank deposits. The White House's Digital Assets Advisory Committee Executive Director Patrick Witt stated that the Clarity Act includes measures to protect regional banks, while banking groups say even the latest revisions to the bill's stablecoin provisions are insufficient for acceptance.