CLARITY Act: White House Says Deposit Flight Risk From Stablecoin Rewards “Quantitatively Small”

White House economists have allayed concerns that stablecoin rewards could pose a risk to bank deposits, providing a major boost for the CLARITY Act. The study by these economists also found that banning stablecoin rewards will do little to aid bank lending, indicating that the stablecoin yield provision will do little or no harm to the banking industry.