tldr; The GENIUS Act, enacted in July, is expected to shift deposits from traditional banks to higher-yield stablecoins, according to Multicoin Capital’s co-founder Tushar Jain. He predicts Big Tech companies like Meta and Apple will compete with banks by offering better yields and user experiences. Banking groups are concerned about stablecoin adoption undermining the banking system, potentially causing $6.6 trillion in deposit outflows. The Act prohibits stablecoin issuers from offering yields directly but may allow affiliates to do so, raising regulatory concerns.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Odd-Radio-8500 on
If true, then the GENIUS Act is truly living up to its name.
2 Comments
tldr; The GENIUS Act, enacted in July, is expected to shift deposits from traditional banks to higher-yield stablecoins, according to Multicoin Capital’s co-founder Tushar Jain. He predicts Big Tech companies like Meta and Apple will compete with banks by offering better yields and user experiences. Banking groups are concerned about stablecoin adoption undermining the banking system, potentially causing $6.6 trillion in deposit outflows. The Act prohibits stablecoin issuers from offering yields directly but may allow affiliates to do so, raising regulatory concerns.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
If true, then the GENIUS Act is truly living up to its name.
^(!tip 1)