According to @Nick_van_Eck, JPMorgan’s CFO argued on stage that stablecoin rewards are dangerous and undesirable because they compete with banks, source: @Nick_van_Eck on X, Jan 13, 2026. Nick van Eck characterizes stablecoins as akin to regulated money market funds, implying direct competition for deposit funding and yield-sensitive customers, source: @Nick_van_Eck on X, Jan 13, 2026. For traders, this signals potential headwinds for yield-bearing stablecoin programs and possible policy pushback that could affect stablecoin reward rates, issuer market share, and flows between bank deposits and on-chain dollars, source: @Nick_van_Eck on X, Jan 13, 2026.