Eric Trump said banks want to block higher returns or yields for Americans.
The president's son accused major U.S. banks of lobbying lawmakers to prevent Americans from earning higher yields through stablecoins and digital finance platforms.
Related: Eric Adams' Trump-style memecoin crashes 80% within minutes
Trump takes aim at Wall Street
He argued that the current banking system profits from offering savers extremely low returns while earning far higher rates from the Federal Reserve.
"Let me make this very clear: Big Banks (think JPMorgan Chase, Bank of America, Wells Fargo, etc.) are lobbying overtime to block Americans from getting higher yields on their savings—while trying to block any rewards or perks from being given to customers."
He pointed to a widening gap between what banks pay depositors and what they earn elsewhere.
"These banks, and others, pay rock-bottom rates on standard savings (often 0.01%–0.05% APY), even as the Fed pays them 4% or more. This massive spread fuels record profits, with almost none passed back to their customers / everyday depositors."
According to the FDIC, the national average interest rate on savings accounts remains around 0.45%, while many large banks still offer 0.01% to 0.05% on basic accounts. Meanwhile, the Federal Reserve currently pays banks roughly 4.4% interest on reserve balances, allowing institutions to earn significantly higher returns on deposits parked at the central bank.
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Why stablecoins are suddenly a threat
The dispute is on stablecoins , digital tokens typically backed 1:1 by fiat currencies like the U.S. dollar.
Unlike traditional savings accounts, several crypto platforms are offering 4% to 5% annual yields by investing reserves into short-term U.S. Treasury bills or other low-risk assets.
For example:
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Coinbase offers around 4.7% rewards on USDC balancesin certain programs.
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MakerDAO's DAI Savings Rate has recently hovered near 5%.
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Tokenized treasury products from firms like Ondo Finance and Franklin Templeton typically yield between 4% and 5%, roughly matching short-term U.S. Treasury rates.
Some newer tokenized treasury products are offering 5% or more, roughly matching the current yield on short-term government debt.
For banks, that presents a direct competitive threat.
Eric Trump argued that Wall Street institutions are trying to shut down that competition before it spreads.
"Today, the banks are desperately targeting crypto/stablecoins, where platforms plan to offer 4–5%+ yields or rewards. The ABA and other lobbyists are spending millions trying to ban or restrict those yields via bills like the Clarity Act, crying "fairness" and using words like "stability"—when it's really about protecting their low-rate monopoly and preventing deposit flight. This is anti-retail, anti-consumer, and straight-up anti-American."
The American Bankers Association (ABA) has not publicly responded to the post.
Related: Apple, Google, Airbnb, and X are reportedly eyeing stablecoin payments
The Clarity Act battle
Crypto advocates argue that some proposed language could limit stablecoin issuers from offering yield or rewards, a move they say would protect traditional banks from competition.
Supporters of tighter regulation say the restrictions are needed to maintain financial stability and prevent shadow banking risks.
But Trump framed the issue as a consumer rights battle.
"Next time you see a big bank dropping billions on a shiny new Midtown Manhattan HQ, you know exactly where that money comes from: the non-existent interest rate they "pay" you!"
Related: Ripple CEO reveals CLARITY Act deadline
A personal history with banks
The tension between Trump and major financial institutions is not new.
Following the January 6, 2021 attack on the U.S. Capitol, several large banks reportedly cut ties with Trump-related accounts and lending relationships, including institutions like JPMorgan.
Members of the Trump family have since pointed to those actions as evidence of political bias within the financial system.
Eric Trump has previously said some financial institutions froze or closed accounts connected to the family's businesses during that period.
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Trump's foray into World Liberty Financial
Trump ended his post with a nod to World Liberty Financial, a decentralized finance project associated with the Trump family.
"Fortunately, the big banks are losing this fight as customers wake up to the games…"
Stablecoins now represent more than $160 billion in circulating supply globally, according to market data, and have become a key pillar of the digital asset ecosystem.
If regulators allow stablecoin issuers to distribute yield directly to users, the model could challenge one of the core pillars of modern banking, which is cheap deposits.
This story was originally published by TheStreet on Mar 5, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
