Eric Trump Accuses Banks of Fighting Stablecoins

Eric Trump, the son of U.S. President Donald Trump and co-founder of the cryptocurrency company World Liberty Financial, sharply criticized the banking sector for opposing regulations related to stablecoins. According to him, banks are trying to block the possibility of offering higher returns on savings through cryptocurrency products.

In a post on X, Trump wrote that major banks such as JPMorgan Chase, Bank of America, and Wells Fargo are actively lobbying against solutions that would allow Americans to earn better interest rates. He argued that these financial institutions are simultaneously trying to limit any rewards or benefits that could be offered to customers.

Trump claims that banks pay their clients extremely low interest rates while earning higher returns from the Federal Reserve, keeping the difference as profit. In his view, the situation looks very different in the crypto sector, where platforms plan to offer returns exceeding 4–5 percent or provide additional rewards for users through stablecoin products.

He also accused the American Bankers Association and other lobbying groups of spending millions of dollars to limit such solutions in proposed legislation, including the Clarity Act. These organizations argue that their actions are meant to protect market stability and ensure fair competition. Trump, however, believes their main goal is to defend the current banking model and prevent deposits from moving into the cryptocurrency sector. According to him, these efforts ultimately harm consumers and everyday investors.

World Liberty Financial, the company co-founded by Eric Trump, issues its own stablecoin called USD1. The firm is also seeking a license through the Office of the Comptroller of the Currency.

Over the past year, Trump has repeatedly criticized banks, claiming they cut his family off from financial services. Donald Trump has also addressed the issue, calling on Congress to continue working on the Clarity Act and criticizing banks for their stance during negotiations over stablecoin regulations.

In theory, the simplest response for banks would be to increase the interest rates they offer to savers. Higher returns could reduce the appeal of alternatives available in the crypto market. However, financial institutions have not taken this step. Instead, they continue to oppose solutions that would allow crypto companies to offer higher yields, fearing a large outflow of deposits and capital from the traditional banking system to emerging financial platforms.