A White House report states that banning stablecoin yields actually led to an increase of approximately $2.1 billion in bank lending, representing only 0.02% of total loan volume.

CoinFeed reported on April 8th that, according to the White House website, the US President has signed the GENIUS Act, requiring stablecoin issuers to be fully backed by high-quality assets (US dollars, short-term US Treasury bonds, reverse repos, money market funds, etc.) at least 1:1, and prohibiting the direct payment of interest to stablecoin holders. A White House Council of Economic Advisers model shows that, under the baseline scenario, "banning stablecoin yields" would actually increase bank lending by approximately $2.1 billion, equivalent to only 0.02% of total loans, with a net welfare cost of approximately $800 million. Large banks would contribute approximately 76% of the new loans, and community banks approximately 24%. Even under extreme assumptions such as all reserves being non-lending cash and the Federal Reserve abandoning the current framework, the increase in bank loans would only be about 4.4%. The report concludes that the yield ban has minimal effect on protecting bank lending but will weaken the competitive yields offered by stablecoins.