Bloomberg analyst questions banks' concerns over stablecoin yields

Bloomberg ETF analyst James Seyffart stated on social media that banks' concerns about stablecoin yields are puzzling. There are already many high-yield savings accounts on the market with yields reaching 3% or even higher, such as Betterment, Marcus/Goldman, CIT, SoFi, AmEx, Wealthfront, etc. These accounts also put pressure on deposits with yields below 0%, similar to the impact of stablecoin yields.