Banks lobby to slow stablecoin legislation as Agora pursues a banking charter.

Traditional banks are pushing back against the pace of stablecoin legislation in the US, seeking to delay rules that could open the market to non-bank issuers. The pressure comes as Agora, a stablecoin startup, moves to secure a banking charter — a move that would put it on more equal regulatory footing with incumbents.

The tension reflects a broader fault line in the stablecoin debate: whether issuance should remain the domain of licensed banks or expand to a new class of regulated fintech entrants. The outcome of that fight will shape which players get to anchor the next layer of digital dollar infrastructure.