The GENIUS Act Yield Ban Gave Banks a Structural Moat — Tokenized Deposits Can Pay Interest; Stablecoins Cannot
The GENIUS Act is usually framed as consumer protection for the stablecoin era. That framing is not wrong, exactly, but it misses the mechanism that actually matters. Section 4(a)(11) of the law, signed in July 2025, prohibits any permitted payment stablecoin issuer from paying holders any form of interest or yield — whether in cash, […]
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