Oy vey! This GENIUS Act – and I use that word very loosely – passed in July. It’s gonna cause a mass exodus, a regular stampede, from your neshama-sucking banks to these newfangled… stablecoins. A guy from Multicoin Capital, this Tushar Jain, he says so! He’s practically screaming it from the rooftops (or, you know, X).
“The GENIUS Bill is the beginning of the end for banks’ ability to shaft their customers with microscopic interest!” he squawked on X, on Saturday, no less. Saturday! Like they don’t have enough to worry about on Shabbos!
And get this! Jain thinks the Big Tech companies – those behemoths, Meta, Google, Apple… they’re gonna muscle in on the banking racket! Better yields, better service, 24/7 payments… it’s a catastrophe, I tell ya, a catastrophe for the banking establishment! Not that I’m shedding a tear. 🙄
Naturally, the bankers are *kvetching*. They tried to sneak a little rule change in August to stop these stablecoin companies from, ahem, “tempting” customers with actual interest. Protecting their profits, you understand. The chutzpah!
The GENIUS Act says stablecoin issuers can’t directly *give* you interest. A loophole! Oy, a loophole! But they might be able to work around it through their buddies. It’s a complicated situation, like a Borscht Belt wedding. 💍
$6.6 Trillion?! Fiddlesticks!
Apparently, if everyone switched to stablecoins, a whopping $6.6 *trillion* could leave the banks. That’s a lot of schmaltz! The Treasury Department says so. Can you imagine? Bankers weeping into their gefilte fish?
The Bank Policy Institute are all in a tzimmes about it. They say it’ll cause a credit crunch, higher interest rates, and general misery for everyone. Oh, the drama! But Mr. Jain says the banks will just have to pay more interest. Serves ’em right, I say! 😈
Up to 10X the Interest? Stop!
Right now, you get a pittance – 0.40% in the US, 0.25% in Europe – for keeping your money in a savings account. It’s insulting! Meanwhile, these stablecoins, Tether and USDC, are offering 4% and 3.69% respectively! Ten times more! It’s… scandalous!
Even *They’re* Thinking About It…
Rumor has it that Apple, Google, Airbnb, even Elon’s X are playing with the idea of issuing their own stablecoins. Imagine! They wanna get in on the action! Slow news day?
The stablecoin market is already at $308.3 billion, and the Treasury thinks it’ll explode to $2 trillion by 2028. That’s not a growth spurt, that’s a monster mash! 👻
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2025-10-06 04:15