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 Intro

01:03 Banks Terrified of Stablecoins

03:12 Support Stablecoins, Kill Lending

13:40 Bank of America Disingenuous?

22:58 Stablecoins Do Not Reduce Deposits

30:55 The WhatsApp Bank Run

34:33 Small Banks as Human Shields

49:49 Tether vs. JPM Transparency

59:02 Wall Street's Blockchain Lie

01:01:54 Tokenized Deposits Won't Happen

01:06:15 The Hidden Paycheck Tax

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