Jayme Hoffman pfp
Jayme Hoffman
@jayme
Politicians are worried that stablecoins will be used at Amazon, Whole Foods, and on Facebook and X instead of sitting in bank accounts. https://time.com/7274507/stablecoin-legislation-genius-act-musk/
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Leo
@leosn.eth
It’s a fair worry actually. If banks can’t make loans then the economy doesn’t grow. Simple as that.
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Chris Carlson
@chrislarsc.eth
the consumer gets the interest now, not the bank 🖕
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Nerd-E 🎩🔮
@nerdy
Oh no, banks will have to incentivize deposits again. If our economy relies on people chasing a .01% yield on a savings account, it deserves to fail.
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Marwan ♋️
@marwan1337
I haven’t even read the article yet but the title makes me mad. They’re saying it this way on purpose.
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Jordan
@jwf
Could just remove the laws prohibiting Amazon from lending, and that would fix it.
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mad0perator.crypto
@mad0perator
I think he just defeated his own argument without even realizing it.
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kelvinpraises
@kelvinpraises
Was this not one of the reasons Diem by Facebook was cancelled?
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I Am Steve
@pederzani.eth
Politicians don’t want to pay bank fiat fees to move their idle funds into better proper long-term storage solutions. My charity’s fiat at US Bank gets 0.5% unless we use their CD products. My charity’s USDC on Coinbase Institutional gets 4.1% APY and more and is surprisingly MORE liquid than our US Bank account or card. The thought and compliance logistics of moving 5+ figures out of there to crypto is something that has to go before a Board though and not a regular consumer because chimps in suits like to complicate things and our legal system obliges. Fact is that Coinbase is beating the banks, which is why all those Federal statements regarding banks are being revoked so they don’t get beat right out of the gate. I’ll take my USDC passive yield in a fully liquid account over any product fiat banking offers me today.
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