The 3.6% Scam: The Truth About Why Banks Are Terrified of Stablecoins | Omid Malekan

Behind closed doors, in Davos and DC, incumbent banks and challenger stablecoin companies are in the midst of a protracted fight. Should stablecoins be allowed to pay interest?Trillions of dollars are at stake. Which arguments on each side actually make sense? Will allowing stablecoins to pay yield really destroy the global economy?Omid Malekan of Columbia Business School is regarded among insiders as one of the few scholars who understands both the traditional financial system and crypto deeply. He is the ideal guest for this moment. In this conversation, we strip away the rhetoric to reveal what is really going on.00:00 Intro01:03 Banks Terrified of Stablecoins03:12 Support Stablecoins, Kill Lending13:40 Bank of America Disingenuous?22:58 Stablecoins Do Not Reduce Deposits30:55 The WhatsApp Bank Run34:33 Small Banks as Human Shields49:49 Tether vs. JPM Transparency59:02 Wall Street's Blockchain Lie01:01:54 Tokenized Deposits Won't Happen01:06:15 The Hidden Paycheck TaxBrought to you by Codex, the stablecoin foreign exchange specialist.