The banking lobby is wrong about stablecoins and community banks
Congress is debating whether stablecoins will hollow out community banking. The banking lobby says yes. The data says otherwise. I do not come to that conclusion casually. My father has worked for more than 30 years at a community bank in rural Illinois. I grew up in that town of about 5,000 people, where customers did not choose the local bank because it had the fastest technology. They chose it because it knew them.