Jai Hamid

Author
Jai Hamid

Jai Hamid

Author

Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.

Author’s Articles

  • ‘Big Short’ investor Mike Burry says he holds put options against Oracle stock

    ‘Big Short’ investor Mike Burry says he holds put options against Oracle stock
    Business
  • U.S. workers get smallest share of GDP since 1947 as Fed’s Barkin points to persistent low hiring

    U.S. workers get smallest share of GDP since 1947 as Fed’s Barkin points to persistent low hiring
    Economy
  • Trump's $200 billion MBS purchase directive boosts mortgage bond prices and homebuilder stocks

    Trump’s $200 billion MBS purchase directive boosts mortgage bond prices and homebuilder stocks
    Economy

  • FBI says North Korea’s Kimsuky APT uses malicious QR codes to spearphish U.S. entities
    Tech
  • Crypto firms and Wall Street banks are now fighting for control over how money works in the digital age. At the center of it is the stablecoin. Behind every coffee tap or online purchase, there’s a payment system most people never think about. JPMorgan alone handles 6,000 transactions per second around the world. Crypto companies want in. They’re pushing for stablecoins to replace the old system. They say it’s faster, cheaper, and built for the internet. Banks say it’s reckless and could wreck the financial system. Banks want to block stablecoin rewards before it's too late Right now, stablecoin issuers can’t offer interest. But platforms like Coinbase, Kraken, and Gemini still can. That’s the gap banks want closed. They’re lobbying Congress to ban interest on stablecoins across the board. They argue crypto companies are acting like banks without following banking rules. JPMorgan’s CFO, Jeremy Barnum, warned it could lead to a “parallel banking system.” A Treasury study said $6.6 trillion could leave banks for stablecoins. Fed economist Jessie Wang said it might be closer to $65 billion, but banks aren’t taking chances. Coinbase pulled support from the crypto bill in January. Brian Armstrong, the CEO, said, “We’d rather have no bill than a bad bill.” Lobbyists are now meeting in Washington, trying to find a middle ground. But the banks don’t want crypto firms paying interest at all. They think it’s unfair competition. Trump-backed crypto firms step into politics and banking Crypto firms aren’t sitting back. They’ve raised $193 million ahead of the midterms to back pro-crypto lawmakers. Donald Trump, now in his second term, supports stablecoins. His family business even launched one and applied for a U.S. bank license. The Federal Reserve is deciding whether to give crypto companies “skinny” accounts to access Fed payment systems directly. Banks hate the idea. Meanwhile, Europe already set its crypto rules in 2024. Benchmark’s Mark Palmer said this is a big moment for banks and fintechs that have ignored stablecoins until now. Ripple’s Jack McDonald said banks are scared of losing the deposit business, where they barely pay interest. Circle’s Jeremy Allaire told people in Davos this is no different from when money market funds started and banks freaked out back then too. Regulators fear de-pegs, criminal use, and bank runs There’s real concern about what happens if stablecoins break. In 2023, when Silicon Valley Bank collapsed, Circle’s USDC dropped below $1. It had 8% of reserves locked in the failed bank. Circle pushed for a rescue, and the peg held, but it showed how shaky things could get. The European Central Bank warned that a run on stablecoins could force them to sell billions in U.S. Treasuries fast, causing damage. Hilary Allen from American University said a stablecoin panic could spark a run on the entire Treasury market. In the UK, the Bank of England wants to cap stablecoin holdings at £20,000 for people and £10 million for companies to slow deposit outflows. Crypto firms hate the idea. They say it would stop the industry from growing. Banks worry that as stablecoins grow, they’ll have less money to lend for things like mortgages or business loans. Philipp Paech from the London School of Economics said less liquidity means higher loan costs, weaker banks, and a less stable system. Governments are now worried crypto firms will try to become banks. Circle, Ripple, and others got conditional trust charters to offer custody and brokerage services. Their customers still don’t get insured deposits. Bybit is working on launching actual bank accounts. The Bank Policy Institute fought back last year. They said crypto firms want the perks of being banks without the rules. Allaire responded at Davos that lending is now moving away from banks. He wants stablecoins to be “very, very safe money” backed by regulated reserves. Right now, most stablecoin use comes from traders moving in and out of crypto. But the future could look very different. Banks and asset managers are already experimenting. Société Générale created euro and dollar stablecoins. BNP Paribas, UniCredit, and Standard Chartered are building theirs too. Citi and Bank of America are exploring the same path. Even PayPal and Western Union are joining in. The New York Stock Exchange is working on a tokenized stock platform. Goldman Sachs CEO David Solomon said they’re already playing with the tech. But stablecoins also carry a darker side. Chainalysis said they made up 84% of illicit crypto transactions last year. Tether often shows up in global criminal cases. The company says it works with law enforcement in 48 countries. Some experts think stablecoins aren’t that special. Paech said they’re just like e-money systems used by PayPal. He said they only stand out “in the dodgy corners of the economy,” like money laundering.

    Wall Street biggest banks see their biggest annual profits in history at $157B thanks to Trump
    Business

  • BNY Mellon’s tokenized deposits go live with ICE, Citadel, Ripple and Circle participation
    Business
  • Rain raises $250 million, hits $1.95 billion valuation in Series C stablecoin funding

    Rain raises $250 million, hits $1.95 billion valuation in Series C stablecoin funding
    Business
  • Iran’s Revolutionary Guard uses crypto USDT to evade Western sanctions

    Iran’s Revolutionary Guard uses crypto USDT to evade Western sanctions
    News
  • Nasdaq CME Crypto™ Index revamped to support ETFs and structured crypto products

    Nasdaq CME Crypto™ Index revamped to support ETFs and structured crypto products
    Business
  • Bitcoin back to $90K as Trump orders $200B mortgage bond buys, evoking Great Recession parallels.

    Bitcoin back at $90K as Trump orders $200B mortgage bond buys, evoking Great Recession parallels
    Live Updates
  • Bitcoin 2026 price forecasts span $75,000 to $225,000 as BofA upgrades Coinbase stock to Buy

    Bitcoin 2026 price forecasts span $75,000 to $225,000 as BofA upgrades Coinbase stock to Buy
    Bitcoin
  • Nvidia to offer $20 billion in bonds, marking first high-grade debt sale since 2021

    Nvidia tightens H200 China sales with non‑refundable upfront payments over export approval risk
    Tech

  • US stocks stall after new ATHs as ETF inflows hit record $1.5 trillion and gold stays below $4,300
    Live Updates
  • China's Jinping bans domestic tech companies from buying Nvidia H200 chips as Trump beef continues

    China’s Jinping bans domestic tech companies from buying Nvidia H200 chips as Trump beef continues
    Tech
  • Elon Musk dismisses Tesla-Nvidia AV competition, as friendship with Jensen Huang seems tight

    Elon Musk dismisses Tesla-Nvidia AV competition, as friendship with Jensen Huang seems tight
    Tech
  • Polymarket to supply predictions data to Dow Jones' WSJ, Barron’s and Investor’s Business Daily

    Polymarket to supply predictions data to Dow Jones’ WSJ, Barron’s and Investor’s Business Daily
    News
  • Carney to seek stronger China ties with Xi Jinping amid Trump tariff‑linked economic drag

    Carney to seek stronger China ties with Xi Jinping amid Trump tariff‑linked economic drag
    Economy
  • China’s Ministry of Commerce probes Japanese semiconductor chemical for dumping

    China’s Ministry of Commerce probes Japanese semiconductor chemical for dumping
    Economy
  • ADP jobs data shows tepid growth for December as mortgage rates fall to sub‑7% lows

    ADP jobs data shows tepid growth for December as mortgage rates fall to sub‑7% lows
    Economy
  • Why is Micron’s stock outperforming everything right now?

    Why is Micron’s stock outperforming everything right now?
    Business

  • JPMorgan to use AI instead of traditional proxy advisory firms for governance votes
    Tech
  • China prepares rare‑earth export curbs in trade dispute with Japan.

    China prepares rare‑earth export curbs in trade dispute with Japan
    Economy