Patrick Witt, Executive Director of the President’s Council of Advisors for Digital Assets, is publicly challenging the US banking industry over its opposition to stablecoin yields. In July 2026, 134 banking executives signed a letter warning of potential deposit outflows ranging from hundreds of billions to trillions of dollars if yields were allowed on payment stablecoins. Witt describes these claims as stemming from either greed or ignorance, noting that yield-bearing stablecoins already exist without triggering the predicted mass exodus. He also argues that compliant stablecoins under the GENIUS Act framework could actually attract foreign capital into the US banking system rather than draining it.
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