The American Bankers Association just sent a letter to bank CEOs across the country calling for "immediate engagement" on stablecoin yield policy. The banking lobby's top priority right now is making sure Congress blocks stablecoins from paying interest to holders. The letter went out ahead of Thursday's Senate Banking Committee markup of the CLARITY Act, a landmark crypto market structure bill. ABA president Rob Nichols wrote: "We believe committee members may not be fully aware of the risks to the economy by the stablecoin loophole." He urged bank executives and their employees to contact senators immediately. A coalition of banking trade groups, including the ABA, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum, Independent Community Bankers of America, and National Bankers Association, sent a joint letter to Chairman Tim Scott and Ranking Member Elizabeth Warren arguing that yield-bearing stablecoins would cause "deposit flight" and could "reduce consumer, small business, and agricultural lending by one-fifth or more." The average savings account in the United States pays 0.38% interest according to the FDIC. Stablecoin yields on major platforms currently range from 4% to 8%. The banking industry is not asking Congress to raise the rates they pay depositors to compete. They are asking Congress to make it illegal for anyone else to offer a better deal. The White House Council of Economic Advisers released an analysis in April suggesting stablecoin adoption would not damage the banking system. The ABA responded with its own study arguing the administration was "analyzing the wrong scenario" and that if stablecoins were allowed to pay yield, the market could scale from roughly $300 billion today to $2 trillion, putting significant pressure on bank funding. Senator Bernie Moreno responded to the lobbying push by posting: "The banking cartel is in full panic mode." This is not a debate about financial stability. Banks are not warning that the system will break. They are warning that customers will leave. The banking industry has operated for decades in an environment where most Americans had no realistic alternative to a savings account paying a fraction of a percent. Stablecoins represent the first credible threat to that arrangement, and the response is not to compete on rates but to lobby Congress to eliminate the competition.