Ledger Exec Says US Stablecoin Yield Ban May Benefit Overseas Markets

Highlights:

• Takatoshi Shibayama said a broader US yield ban could create openings in other markets.
• He said tighter US rules may push regulators abroad to revisit stablecoin rewards.
• He added that Asia is already shifting toward stablecoins, tokenized products, and practical blockchain use.

A wider US crackdown on stablecoin yield products could create fresh openings for other markets rather than stopping the trend altogether, according to Takatoshi Shibayama, Asia-Pacific lead at crypto wallet company Ledger. Commenting on the latest policy debate, Shibayama said that if the United States restricts stablecoin yield more broadly, regulators, financial institutions, and issuers in other regions may begin exploring ways to offer similar value to users under their own frameworks.

Ledger’s Asia-Pacific lead Takatoshi Shibayama weighs in as the debate continues over whether third-party platforms should be allowed to offer stablecoin yields.#Crypto #Stablecoins

— Market Alert News (@Themarketalert) March 16, 2026

US Stablecoin Yield Curbs Could Shift Global Policy, Exec Says

Shibayama said the issue goes beyond a simple limit on one product. In his view, a wider US ban could start a broader discussion in other countries about whether stablecoin rewards or yield should be allowed under clear rules. He said many markets outside the US have so far avoided passing yield to users, mainly because regulators have been careful not to disrupt the traditional banking system. But if Washington tightens its stance further, that balance could shift and push other jurisdictions to act first.

His comments come at a time when the stablecoin yield debate has become one of the most sensitive topics in US crypto policy. A Congressional Research Service report published on 6 March said the GENIUS Act already bars approved payment stablecoin issuers from offering interest, yield, or rewards directly to holders. However, the report noted that the law still does not clearly define how this restriction applies when trading platforms or custodians hold stablecoins on behalf of users. That lack of clarity continues to fuel debate around the issue.

Asia Turns to Stablecoins as Bank Concerns Grow

Shibayama also connected the debate to a broader shift already happening in Asia. He said many institutions in the region are no longer mainly focused on getting direct exposure to crypto assets. Instead, their attention is moving toward tokenized financial products and stablecoin issuance.

According to him, large financial firms are choosing the parts of blockchain that work well with traditional finance, while keeping more speculative crypto activity outside the main discussion. This shift is important because it shows that institutions outside the US may be ready to take on new stablecoin opportunities if American rules become stricter.

Concerns from the banking sector also help explain why this issue has become so political. In January, Reuters reported that Standard Chartered expects stablecoins to pull nearly $500 billion from US bank deposits by the end of 2028. Because of that, banks fear that third parties offering yield on stablecoins could intensify competition for deposits. As a result, traditional funding models could come under pressure. That is why banking groups want Congress to block stablecoin yield through indirect channels as well.

US banks may lose $500 billion to stablecoins by 2028, Standard Chartered warns https://t.co/RHBPMYWZVU

— Reuters Legal (@ReutersLegal) January 27, 2026