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Wire · operational-macro

Calomiris: Regulators “Walling off” Stablecoins by Preventing Interest Payments on Deposits

2 November 2026 · By · Wire by Fusion42

Published

2 November 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

United States

◆ Source

Read at kathleenhays.substack.com →

◆ Verified

Fusion42 · 2 November 2026 · Fusion42 review

Charles Calomiris criticises regulators for effectively blocking stablecoins by banning interest payments on their deposits, arguing this limits stablecoins' competitiveness against traditional bank deposits and stifles payments innovation.

This Wire brief sits within Fusion42's coverage of Fintech.

◆ ◆ The Wire takeaway

Regulators have closed off a key stablecoin growth route by banning interest payments, blocking you from offering deposit-like returns that compete with banks. You must pivot away from interest-based models or risk being shut out of mainstream payment markets.

◆ Coverage

1 source · 2 Nov 2026

◆ Related on Wire

◆ Topics

Fintechstablecoinsregulationinterest-banpaymentsfinancial-stability