Scaramucci Warns: US Stablecoin Yield Ban Could Weaken Dollar Competitiveness, Benefiting Digital Renminbi

Recently, Anthony Scaramucci, founder of SkyBridge Capital, issued a warning stating that a new regulation in the United States could diminish the global appeal of the dollar digital currency system, instead giving China’s digital renminbi (e-CNY), which is advancing its interest-paying mechanism, a competitive edge.

The incident stems from U.S. lawmakers currently reviewing a new provision of the “Clear Act,” which has sparked intense industry debate due to its proposed ban on paying yields to holders of dollar stablecoins.

Scaramucci pointed out that capital naturally flows toward assets with returns, and the proposed “Clear Act,” which clarifies digital asset regulatory frameworks and bans provisions that pay yields on stablecoins, could weaken the influence of the dollar.

If dollar stablecoins cannot generate yields, while the digital renminbi (e-CNY) pays interest to wallet holders through commercial banks, governments and enterprises in emerging markets may prefer to use the digital renminbi for cross-border payments and trade to gain financial advantages, thereby impacting the future global payment system’s competitive landscape.

Although leading crypto companies generally worry that strict bans will directly weaken the competitiveness of dollar stablecoins and force global users to turn to interest-bearing alternatives, some banks warn that relaxing the provisions on stablecoin yield payments could lead to deposit outflows chasing returns, disrupting traditional banking lending models.

Overall, implementing strict bans aims to control risks but may harm innovation and the digital competitiveness of the dollar; meanwhile, adopting lenient rules would require addressing potential impacts on the traditional banking system.

Whichever path the government ultimately chooses, it will involve a critical trade-off between financial stability, industry vitality, and the dollar’s global influence.

This debate over a specific clause has essentially become a stress test for how the U.S. maintains its monetary dominance in the digital age.

Currently, the controversy surrounding the “Clear Act” continues, and its outcome will not only influence the future of the U.S. crypto industry but could also reshape the dollar’s long-term monetary hegemony in the international digital finance arena.

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